Fitch upgrades Wind Tre

Fitch Ratings said it upgraded Wind Tre Spa's long-term issuer default rating to BB- from B+.

The outlook is stable.

All of the ratings are removed from Rating Watch positive.

The upgrade reflects the recent acquisition of an additional 50% stake in Wind Tre by CK Hutchison Holdings Ltd., which has become the sole owner, Fitch said.

This results in a single-notch uplift to Wind Tre's ratings for parental support, the agency explained.

Wind Tre is facing a challenging competitive environment in the Italian telecoms market, Fitch said.

To avoid pressure on its ratings, Wind Tre needs to build up greater financial flexibility over the medium term when national roaming revenue is likely to decline as Iliad shifts traffic on to its own network, the agency said.

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