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Bond Market News
Telecom Italia Upgraded to BB+ by S&P
June 10, 2026
Telecom Italia (TIM) was upgraded by a notch to BB+ from BB by S&P. The upgrade reflects TIM’s consistent delivery against guidance following the mid-2024 Netco separation. TIM met leverage and cash flow targets in both 2024 and 2025 with free cash flow of €700mn ($808.2mn) in 2025 up from ~€600mn ($692.7mn) in 2024. S&P projects leverage trending toward 3.0x and FOCF-to-debt rising to ~8% over 2026–2027, supported by the ongoing domestic transformation plan, Sparkle disposal proceeds, and a €1bn ($1.15bn) litigation windfall from a recent court ruling in TIM’s favour. EBITDA margin is forecast to reach 32% in 2026-27 with capex intensity to hold below 14%. Regarding capital allocation, TIM has initiated a share buyback and a new dividend policy targeting 70% of equity free cash flow. TIM is said to remain committed to reducing reported leverage to 1.7x from below 1.9x in 2025.
Telecom Italia’s bonds traded stable. It’s 6% 2034s were at 101.9, yielding 5.7%.
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