Fitch gives Optics Bidco BB, notes BB+

Fitch Ratings said it assigned Optics Bidco SpA a BB long-term issuer default rating with a stable outlook and an expected senior secured instrument rating to the transferred bonds from the liability management with Telecom Italia SpA of BB+ with an RR2 recovery rating.

“The IDR and its stable outlook reflect Optics' leading market position as a mission-critical provider of digital infrastructure in Italy, operating in a structurally supportive market environment with a wholesale business model that provides enhanced revenue visibility,” Fitch said in a press release.

The agency added that “Optics' higher-than-average revenue visibility offsets its negative free cash flow. Visibility on the stabilization of FCF could support a higher rating.”

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