London, 21 March 2014 -- London -- Moody's today placed the ratings of Wind Telecomunicazioni S.p.A. (Wind) and Wind Acquisition Finance S.A. - Wind Telecomunicazioni S.p.A.'s CFR at B1; PDR at B1-PD and senior secured notes at Ba3 and Wind Acquisition Finance S.A. senior notes at B3 and senior secured notes at Ba3 -- under review for downgrade. The rating action follows the company's announcement that it had sought approval from its senior facilities' lenders paving the way for a PIK refinancing transaction that will result in the company incurring additional junior debt at the restricted group level for refinancing of the PIK notes and existing senior notes.

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