OREANDA-NEWS. Fitch Ratings notes that some of the calculations presented at the end of its presale report (dated 2 December 2015) on 'WindMW GmbH (Meerwind)' (the Project) relating to refinancing risk were incorrect as a result of an erroneous indexation of power prices. Namely, the affected metrics are those presented in relation to the analysis of the refinancing profile for the Long- dated Notes under historical low power prices in the table p11 of the presale report. The calculation of financial metrics during the rated debt life remains unchanged and serves as a basis for the ratings, in line with Fitch's applicable criteria. Therefore this error has no impact on the expected ratings issued at the time ('BBB(EXP)' and 'BBB-(EXP)' assigned on 23 November 2015 to WindMW's Short-dated Notes and Long-dated Notes).

The incorrect calculations only relate to Fitch's refinancing analysis and, therefore, do not affect in any way the analysis of the Short-dated Notes (which are scheduled to fully amortise by 2021). They only relate to two alternative scenarios for the assessment of the refinancing risk for the balloon part of the Long-Dated Notes (representing 11% of the initial rated debt). The main scenario (as explained in the presale report) as well as two other alternative scenarios remain unaffected.

Looking at the two incorrectly calculated alternative scenarios under base case assumptions (apart from power prices and refinancing rates that are stressed) as typically done for sensitivities and breakevens and using the correct power prices indexation, average DSCRs over the refinancing period would have been respectively 1.05x and 1.46x for refinancing periods of 10 and 15 years, indicating reasonable profile for refinancing and as a result not constraining the expected ratings on the Long Dated Notes.

Fitch expects to convert in the coming days the expected ratings of WindMW's notes to final ratings following completion of the review of the final transaction documentation.