Moody's rates Wind notes Ba3

Moody's Investors Service said it assigned a provisional Ba3 rating to the proposed euro-denominated senior secured floating rate notes due 2019 and a provisional Ba3 rating to the proposed dollar-denominated senior secured fixed-rate notes due 2020.

The combined issuance is expected to amount to €500 million (equivalent) and both notes will be issued by Wind Acquisition Finance SA.

Moody's also affirmed the B1 corporate family rating and B1-PD probability of default rating of Wind Telecomunicazioni SpA.

The ratings on all outstanding instruments have also been affirmed as follows: B3 on the 2017 senior notes, Ba3 on the secured credit facilities and Ba3 on the senior secured 2018 notes.

The outlook remains negative.

Moody's said the provisional Ba3 ratings on Wind's proposed new notes is in line with the company's Ba3 ratings on its senior credit facilities and its 2018 senior secured notes, which reflect their first priority ranking security over certain of Wind's assets. The new notes are expected to rank pari-passu with the senior secured notes and the senior credit facilities.

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