Poste Italiane SpA has obtained ownership of 86.95% of TIM SpA shares. TIM will now be part of a stronger and larger group, and we estimate TIM's operations will contribute over 20% of Poste Italiane'EBIT, making it strategically important to Poste Italiane. Therefore, we raised our long-term issuer credit and issue ratings on TIM SpA to'BBB-'from'BB+'. We also raised our short-term issuer credit rating to'A-3'from'B'. We removed the rating from CreditWatch with positive implications. The stable outlook on TIM reflects the support from Poste Italiane as its strategically important subsidiary as well as the constraints from its material exposure to Brazil where it derives nearly 50% of its EBITDA. We also factor in
