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S&P puts Wind Tre on positive watch
S&P said it placed its BB- long-term issuer credit rating on Wind Tre SpA and its wholly owned subsidiary Wind Acquisition Finance SA, and the BB- issue rating on Wind Tre's senior secured debt, on CreditWatch with positive implications.
The recovery rating on the debt remains at 3, indicating an expectation of meaningful recovery (50%-70%; rounded estimate 65%) in the event of a default.
The action follows the announcement by CK Hutchison Holdings Ltd. (Hutchison; A-/positive/--), a 50% shareholder in Wind Tre, that it will buy the remaining 50% stake in the company, thereby becoming its 100% owner, pending regulatory approvals.
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