Moody's Cuts Telecom Italia (TI) to Junk Status
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S&P Places Telecom Italia (TI) on CreditWatch Negative, Could Cut to Junk
October 7, 2013 12:24 PM EDTStandard & Poor's Ratings Services placed its 'BBB-' long-term and 'A-3' short-term corporate credit ratings on Telecom Italia SpA (NYSE: TI) and all related issue ratings on CreditWatch with negative implications.
The CreditWatch placement follows the resignation of TI's chairman and CEO, and our perception that the group faces heightened uncertainties regarding its future strategic orientation. Furthermore, we believe TI's operating performance in 2014-2015 could suffer, and we think the company has limited levers available to accelerate debt reduction beyond organic discretionary cash flow generation. We are uncertain what action management... More
