Moody's gives Wind notes B2

Moody's Investors Service said it has assigned a provisional B2 rating to the about €2.7 billion new senior notes due 2017 to be issued by Wind Acquisition Finance SA.

The new senior notes will rank pari passu with the existing senior notes, the agency said, adding that the proceeds of the issue are intended to be used to prepay Wind Acquisition Holdings Finance SA's PIK loan due December 2011, as well as to pay a one-off dividend to Weather Investments in the amount of €500 million.

Concurrently, Moody's said it affirmed the Ba3 corporate family rating of Wind Telecomunicazioni SpA, but changed the outlook to negative from stable, reflecting that the proposed issue reduces the company's financial flexibility and headroom within the existing rating category.

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