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Published on 7/12/2017 in the Prospect News Convertibles Daily and Prospect News High Yield Daily.

S&P lifts Telecom Italia view to positive

S&P said it affirmed its BB+ long-term corporate credit rating on Telecom Italia SpA and revised the outlook to positive from stable.

S&P said the outlook revision follows Telecom Italia's “solid execution” of its efficiency plan, which caused operating expenses to fall by about €300 million in 2016 and by an additional €120 million in the first quarter of 2017.

“We expect that continued solid execution of the plan should result in an additional increase in EBITDA margins in both Italy and Brazil, as well as positive and growing free cash flow generation. These results should enable Telecom Italia to reduce its S&P Global Ratings-adjusted leverage to comfortably below 3.3x by 2018,” S&P said in a news release.


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