Fitch trims Telecom Italia

Fitch Ratings said it downgraded Telecom Italia SpA's long-term issuer default rating to BB- from BB. The agency also trimmed the senior unsecured instrument rating to BB- from BB with a recovery rating of RR4.

“The rating downgrade reflects the absence of sufficient debt reduction in 2022. Fitch expects TI's EBITDA net leverage to exceed 4.5x from 2023, which is a threshold to maintain a BB rating. The worsening macroeconomic environment adds execution risks on the company's growth and deleveraging capacity,” the agency said in a press release.

The outlook is negative.

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