S&P affirms Telecom Italia

S&P said it affirmed its BB+/B long- and short-term issuer credit ratings on Telecom Italia SpA.

The outlook is positive.

At the same time, the agency affirmed the BB+ senior unsecured debt rating, with a recovery rating of 3 (rounded estimate 55%).

S&P said the affirmation follows Telecom Italia's second-quarter reporting.

“Across its segments, we think that Telecom Italia is well positioned to maintain stable operations, and deleveraging through its efficiency program despite challenges from mobile competition in Italy and a difficult FX environment in Brazil,” the agency said in a news release.

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