...+ Iliad S.A.'s strong entrance has ratcheted up competition in the Italian market, though Telecom Italia SpA's (TIM) leading fiber and mobile network and premium converged position have shielded it better than peers. + Telecom Italia's third-quarter results show resilient operational performance and gains from its efficiency plan, including significantly lower year-over-year capital expenditure (capex), leading to improved cash flow. + Spending on Italy's 5G spectrum auction was more than double our expectations, with future commitments raising TIM's adjusted debt by about 1 billion. + The dismissal of CEO Amos Genish casts uncertainty over adherence to the company's three-year strategic plans, smooth functioning of its board, and future management continuity. + We are affirming our '##+' long-term issuer credit rating on Telecom Italia. + The outlook is revised to stable from positive, reflecting our expectation for adjusted leverage around 3.4x through 2019, assuming the Italian mobile...
