S&P: Telecom Italia cut to stable

Standard & Poor's said it affirmed its BBB+ long-term and A-2 short-term corporate credit ratings on Telecom Italia SpA. At the same time, the outlook was revised to stable from positive.

S&P said the actions are in response to Telecom Italia's announcement that it will launch a cash tender offer with a subsequent share exchange merger to acquire the 44% minority interests its does not own in its mobile telephony subsidiary Telecom Italia Mobile SpA.

Complete ownership of Telecom Italia Mobile will bring considerable financial benefits to Telecom Italia, according to S&P, according to S&P.

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