Fitch upgrades Wind notes

Fitch Ratings said it upgraded Wind Acquisition Finance SA's €1.5 billion senior notes to B+ with a recovery rating of 4 from B with a recovery rating of 5 following the completed tap issue of €250 million senior notes and Wind's confirmation that proceeds totaling €266.3 million have been used to prepay an equivalent amount of the term loan A senior secured facility.

The agency also affirmed Wind Telecomunicazioni SpA's B+ issuer default rating, its B short-term rating, its BB first-priority senior secured facilities with a recovery rating of 2 and Wind Finance SL SA's BB second-lien notes with a recovery rating of 2.

The outlook is stable.

Senior secured lenders have agreed to a waiver that allows Wind to apply the €266.3 million to prepay senior debt due in the first half of 2008. Therefore, pressure on cash flow generation from scheduled debt amortization is significantly reduced until the second half of 2008, and Fitch said this should allow Wind more time to achieve sufficient positive free cash flow generation to meet their medium-term debt amortization targets.

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