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Bond Market News
Telecom Italia Upgraded to BB by Fitch
July 31, 2024
Telecom Italia has been upgraded by a notch to BB from BB- by Fitch. The upgrade follows Telecom Italia’s completion of the sale deal of its fixed-line network assets (NetCo) to Optics Bidco, a vehicle led by KKR for €14bn. The sizable cash proceeds from the sale will help Telecom Italia reduce its debt, thereby lowering the financial risk, according to Fitch. However, the sale of its core infrastructure results in the loss of related stable and predictable network-related profits. Earlier this month S&P upgraded the issuer to BB, following the upgrade by Moody’s to Ba3, citing similar rationale.
Telecom’s Italia’s bonds were trading stable with its 6% 2034s at 93.48, yielding 6.9%.
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