Ho copiato anche qui il post precedente, che proviene da una discussione in ambito Nuove Emissioni, per enfatizzare come il campanello di allarme sulla situazione di Wind sia stato suonato con forza da S&P, che nel report di commento alla rating action, rammenta come sia già la seconda volta che i proventi dell'emissione di un bond di Wind siano destinati al ripagamento di debito allocato presso altre società del gruppo di Sawiris.
L'agenzia focalizza anche sul fatto che la struttura finanziaria del gruppo, oltre ad essere sempre più levereggiata, assuma un grado di crescente complessità e rischiosità per gli investitori dei bond...
S&P assegna comunque un outlook stabile al rating ridotto, sull'assunto che Wind Telecomunicazioni continuerà a generare profitti a livello operativo che le consentiranno, nel tempo, di fare deleverage... secondo me, della cosa non sono granché convinti neanche loro...
Wind Telecomunicazioni Cut To 'B+' On PIK Note Launch; Outlook Stable; Proposed Notes Rated 'B-', '6' Recovery Rating
·The financing vehicle of WAHF SpA, the parent of Italian telecoms company Wind Telecomunicazioni SpA, has launched the equivalent of €500 million in PIK notes.
·The issuance proceeds will be upstreamed to finance other Weather group entities.
·We are lowering our corporate credit rating on Wind Telecomunicazioni to 'B+' from 'BB-' and assigning our 'B-' issue rating and recovery rating of '6' to the proposed notes.
·The stable outlook takes into account our assumption that Wind Telecomunicazioni will continue to post strong operating performance and will reduce its financial leverage.
MADRID (Standard & Poor's) Dec. 9, 2009--Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Wind Telecomunicazioni SpA, Italy's second-largest integrated alternative telecoms operator, to 'B+' from 'BB-'. The outlook is stable. Accordingly, Standard & Poor's also lowered its ratings on the Wind Telecomunicazioni's existing debt by one notch:
·Wind Telecomunicazioni's senior secured bank loan and financing vehicle Wind Finance SL S.A.'s second-lien bonds to 'BB-' from 'BB'; and
·Financing vehicle Wind Acquisition Finance S.A.'s third-lien notes to 'B+' from 'BB-'.
At the same time, Standard & Poor's assigned its 'B+' long-term corporate credit rating to Wind Telecomunicazioni's parent company, Wind Acquisition Holdings Finance SpA (WAHF SpA). The outlook is stable. Lastly, Standard & Poor's assigned a long-term issue rating of 'B-' and a recovery rating of '6' to the €500 million-equivalent of payment-in-kind (PIK) notes to be issued by WAHF SpA's financing vehicle Wind Acquisition Holdings Finance S.A. (WAHF S.A.) and guaranteed by WAHF SpA. The '6' recovery rating indicates Standard & Poor's expectation of "negligible" (0%-10%) recovery for creditors in the event of a payment default.
The rating actions follow the announcement today that WAHF S.A. has launched a €500 million-equivalent PIK note issue. WAHF S.A. will upstream the note proceeds to various Weather group entities. The proceeds will be made available to Weather Investments SpA in order to repay short-term maturities of its debt and to repay the bridge loan related to the acquisition of the assets of WIND Hellas Telecommunications S.A.(SD/--/--).
"Our downgrade of Wind Telecomunicazioni reflects what we view as a more aggressive financial policy than the one we had factored into our previous analysis, led by the company's ultimate parent Weather Investments SpA and involving increasing use of Wind Telecomunicazioni's balance sheet to sustain other, weaker companies across the Weather group," said Standard & Poor's credit analyst Leandro de Torres Zabala.
Our assignment of a 'B+' corporate credit rating to WAHF SpA, the same as that on subsidiary Wind Telecomunicazioni, reflects the consolidated view we take of the Wind group in our credit analysis.
As recently as June 2009, Wind Telecomunicazioni issued €2.7 billion of senior unsecured notes, the proceeds of which were used to refinance WAHF SpA's almost €2 billion of existing PIK notes, upstream €500 million to the Weather group for various applications, and pay for €200 million of the refinancing's transaction costs.
Today's new PIK notes launch therefore represents the second debt issuance at the Wind group level aimed at upstreaming funds, and reflects, in our opinion, the spillover onto Wind Telecomunicazioni of various funding issues across the wider Weather group. We are consequently narrowing the rating differential across the group.
Also, the high interest that we expect to accrue on the new notes (which WAHF S.A. may pay in kind for three and a half years, resulting in a large liability), combined with certain limitations on cash upstreaming from Wind Telecomunicazioni to WAHF SpA and a cross-default clause in the documentation of the senior credit facilities and second-lien bonds with respect to the new PIK notes, makes Wind Telecomunicazioni's already highly leveraged capital structure more complex and risky in our opinion.
The current rating assumes continued strong operating performance at Wind Telecomunicazioni, particularly in its core Italian mobile telephony business. "This should result in significant FOCF generation--though considerably more modest than in previous years--which we assume the company will primarily dedicate to reducing its high debt," said Mr. de Torres. "We also assume that debt will not increase further at Wind Telecomunicazioni or its parent, and that Wind Telecomunicazioni will maintain a comfortable debt maturity profile [FONT="]at all times."[/FONT]