S&P affirms Wind Tre

S&P said it affirmed its BB- long-term issuer credit rating on Wind Tre SpA and on its wholly owned subsidiary Wind Acquisition Finance. The outlook is stable.

At the same time, S&P affirmed its BB- issue rating on Wind Tre's senior secured debt. The recovery rating on the debt is 3, reflecting an expectation of a meaningful recovery (50%-70%; rounded estimate 65%) in the event of a default.

S&P said it also removed the ratings from CreditWatch with positive implications, where S&P initially placed them on July 9 following the announcement by CK Hutchison Holdings Ltd. (A/stable/--) that it would buy the remaining 50% stake in the company, thereby becoming its 100% owner.

“The rating affirmation follows Hutchison's acquisition of the remaining 50% of Wind Tre, and reflects that our assessment of the likelihood of potential future parental support remains unchanged at this stage, translating into a one-notch uplift from Wind Tre's stand-alone credit quality,” S&P said in a news release.

© 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.