Fitch: Wind Hellas notes B

Fitch Ratings said it assigned an expected B- issuer default rating to Largo Intermediary Holdings Ltd. (WIND Hellas Telecommunications SA), along with an expected B rating and recovery rating of RR3 to Crystal Almond Sarl’s senior secured notes.

The outlook is stable.

The ratings are supported by the company’s experienced management team, stabilizing Greek telecommunications market and its 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 said.

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

In addition, the company’s issuer default rating is constrained by the Greek country ceiling f B-, the agency added.

© 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.