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Fitch could lift Wind Tre
Fitch Ratings said it placed Wind Tre SpA's long-term issuer default rating of B+ and its other ratings on rating watch positive.
This follows the announcement that CK Hutchison Holdings Ltd. (CKHH) plans to acquire VEON Ltd.'s 50% stake in Wind Tre and will become the sole owner of the latter if the transaction is completed.
Fitch said the positive watch reflects a potential uplift of the ratings for parental support upon the completion of the deal.
“We intend to apply our ‘Parent and Subsidiary Rating Linkage’ criteria to Wind Tre's ratings,” the agency said in a news release.
“Our initial assessment of the transaction implies moderate linkage supported by a stronger parent, most likely resulting in Wind Tre's IDR being one notch higher than its current B+ standalone rating.”
Fitch said it will resolve the positive watch following a successful deal completion, which is expected in the second half of the year.
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