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Wind Telecomunicazioni SpA Oct 07 Product Image

Wind Telecomunicazioni SpA Oct 07

  • ID: 1711112
  • October 2007
  • Standard & Poors

Abstract
Position as the third-largest operator in the attractive Italian mobile market Strong operating margins and free cash flow generation Documentation of the current senior bank loan facility, which limits dividend payments, debt incurrence, and acquisitions High Standard & Poor's-adjusted gross leverage Complex financing structure at Wind and the Weather group, which adds event risk The introduction of the Bersani Decree on March 5, 2007 A modest wireline operation, with average operating margins of 16% in a market dominated by the incumbent The rating on Wind Telecomunicazioni SpA is primarily constrained by the company's high leverage, as well as the complex financing structure of Wind and the Weather group and the low visibility on their financial and strategic plans. Additional constraints...

Companies mentioned in this report are:
- Wind Telecomunicazioni SpA
- TDC A/S
- Orascom Telecom Holdings S.A.E.

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

- Wind Telecomunicazioni SpA
- TDC A/S
- Orascom Telecom Holdings S.A.E.

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