Moody's: Telecom Italia unaffected

Moody's Investors Service said that Telecom Italia SpA's Baa2 rating is not immediately affected by the weakening of the Italian government's creditworthiness, as captured by Moody's July 13 downgrade of Italy's government bond ratings to Baa2 with a negative outlook.

However, given the multiple channels of contagion that exist between the sovereign and corporate issuers domiciled in Italy, Moody's said it considers that the weakening of the Italian government's creditworthiness heightens the risks associated with the execution of Telecom Italia's strategy.

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