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Obbligazioni societarieHIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2
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Wind Tre 'BB-' Ratings Affirmed; Off Watch; Outlook Stable
CK Hutchison Holdings Ltd. (Hutchison) is now the 100% owner of Wind Tre
S.p.A, likely providing Wind Tre with substantial management support and
continuous execution discipline.
However, our assessment of the likelihood of future potential parental
support remains unchanged, at this stage, because Wind Tre first needs to
establish a longer track record of effectively and successfully
confronting challenging Italian mobile market conditions.
We are therefore affirming our 'BB-' ratings on Wind Tre and its related
debt issues, and removing the ratings from CreditWatch positive.
The stable outlook reflects our view that the challenges faced by Wind
Tre, such as the shrinking retail EBITDA and client base, heavy
investments, and the network upgrade, are mitigated by our estimate of a
significant cushion resulting from increasing wholesale revenue