S&P ups Wind Telecomunicazioni bonds to BB, BB-

Standard & Poor's said it affirmed the BB- long-term corporate credit rating on Wind Telecomunicazioni SpA and BB long-term rating on its senior secured bank facilities.

The agency raised the rating on its second-lien bonds to BB from BB-, revising recovery ratings to 2 from 3, and on the senior unsecured notes issued by Wind Acquisition Finance SA, guaranteed by Wind Telecomunicazioni, to BB- from B, changing the recovery rating to 4 from 6.

The outlook is stable.

S&P said the changes reflect the agency's view that ongoing capital-market conditions and Wind's recently granted waiver allowing it to upstream a certain amount of cash to prepay payment-in-kind debt now make it less likely that the company will raise additional senior secured debt.

The affirmation reflects the company's continued good performance and sustained cash flow generation, the agency said.

At June 30, adjusted group gross net debt-to-EBITDA ratio was about 4.6x.

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