Fitch: Crystal Almond notes B

Fitch Ratings said it assigned a final B- long-term issuer default rating to Largo Intermediary Holdings Ltd. with a stable outlook.

The agency also said it assigned a final rating of B with recovery rating of RR3 to Crystal Almond Sarl's (Wind Hellas) senior secured notes.

The ratings are supported by the company’s experienced management team, stabilizing Greek telecommunications market and position in both its mobile- and fixed-line offerings, Fitch said.

Wind Hellas has a joint venture with Vodafone that allows for both cost sharing and network sharing in the development of their 2G/3G mobile network, the agency explained.

These factors are offset by the significant challenges that the Greek telecommunications market has experienced since the Greek debt crisis, Fitch said, and strong competition provided by OTE and Vodafone.

In addition, the Greek country ceiling caps the potential issuer default rating of Wind Hellas, the agency added.

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