Moody's upgrades Wind

Moody's Investors Service said it upgraded the corporate family rating of Wind Acquisition Finance SpA (WAF), the direct holding company of Wind Telecomunicazioni SpA (Wind) to Ba3 from B1, reflecting the strong operational performance of Wind since the initial ratings assignment in July 2005, which resulted in a material improvement in the company's reported earnings.

Concurrently, the rating of WAF's senior notes (issued via Wind Acquisition Finance SA) was upgraded to B2 from B3 and the ratings of the senior secured credit facilities and second-lien facility (issued via Wind Finance SL SA) at Wind were upgraded by one notch to Ba3 and B1, respectively.

The outlook is stable, which reflects Moody's expectation that the company will be cash-flow generative in 2006 and that increased profitability in the mobile division will principally offset earnings declines in the fixed line business.

Ratings upgraded include Wind Finance SL SA's €700 million second-lien facility to B1 from B2 and Wind Telecomunicazioni SpA's €6.85 billion senior secured credit facilities (consisting of a €400 million revolving credit facility and €6.45 billion of term loans) Ba3 from B1.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.