Moody's affirms Telecom Italia

Moody's Investors Service said it affirmed the senior unsecured Baa2 long-term debt and bank loan ratings of Telecom Italia SpA and all its guaranteed subsidiaries. The outlook is stable.

The rating affirmation follows management's announced intention to pursue a series of transactions and assumes completion of the various steps as currently outlined that will result in fully merging Telecom Italia and Telecom Italia Mobile after a €14.5 billion cash tender offer to Telecom Italia Mobile's minorities.

Moody´s mentioned that although the transaction as announced would initially absorb significant financial flexibility and have an immediate impact on financial ratios.

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