Telecom Italia SpA - Full Rating Report - 2009/07/07 - Fitch Research

Report title: Telecom Italia SpA

from Fitch Research
14 page (8491 word) report published Jul 07, 2009

Price $425.00 available for immediate download

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...Telecom Italia's (TI's) ratings reflect the company's strong incumbent position in Italy, its high domestic margin performance and the strength of cash flows generated by this business, along with the growth potential of its mobile operations in Brazil. The ratings are, however, constrained by a leverage metric that has proven difficult in recent years to bring down from a level of around 3.0x, while the company's current industrial plan does not envisage the metric reducing to the 2.5x threshold (the level that Fitch Ratings currently considers consistent with a rating at the higher end of the `BBB' range for TI) until 2011. + ...

Report Type:

Full Rating Report

Company(ies):

Telecom Italia SpA

Ticker(s):

TIT

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