Fitch gives Wind Hellas notes B

Fitch Ratings said it assigned Crystal Almond Sarl's prospective new senior secured notes an expected rating of B/RR4.

The agency affirmed Crystal Almond Intermediary Holdings Ltd.'s (Wind Hellas) long-term issuer default rating at B with stable outlook.

The proceeds from the new €500 million senior secured notes will be used to refinance the existing €275 million notes and to cover the transaction costs.

“We expect that the company may start paying higher dividends starting 2019; however, we believe that management will take a prudent approach to leverage by maintaining it below our downgrade threshold of 4.0x funds from operations (FFO) adjusted net leverage in 2019-2022,” the agency said in a news release.

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