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Bond Market News
Telecom Italia Upgraded to Ba3 by Moody’s
June 13, 2024
Telecom Italia along with its senior unsecured debt were upgraded by a notch to Ba3 from B1 by Moody’s. The upgrade comes on back of EU’s approval of the Telecom Italia-KKR deal for the former’s landline grid sale, announced in November last year. The deal was approved by the Italian government in January this year. With no additional regulatory approvals required, Moody’s believes that the chances of the deal not closing successfully under the announced terms are limited. The deal will significantly improve Telecom Italia’s financial profile by helping reduce its debt burden by more than €14bn. Moody’s has a positive outlook on the entity reflecting recent solid operating performance by the company and expectation of improvement in credit metrics over the next two years.
Its dollar bonds were slightly positive with its 6% 2034s up at 90 cents on the dollar, yielding 7.4%.
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