TIM SpA Ratings Affirmed At 'BB' On Better Expected Leverage; Outlook Stable - S&P Global Ratings’ Credit Research

TIM SpA Ratings Affirmed At 'BB' On Better Expected Leverage; Outlook Stable

TIM SpA Ratings Affirmed At 'BB' On Better Expected Leverage; Outlook Stable - S&P Global Ratings’ Credit Research
TIM SpA Ratings Affirmed At 'BB' On Better Expected Leverage; Outlook Stable
Published Jul 03, 2025
5 pages (2820 words) — Published Jul 03, 2025
Price US$ 150.00  |  Buy this Report Now

About This Report

  
Abstract:

Italy-based telecom operator TIM SpA outperformed our EBITDA and free operating cash flow (FOCF) forecast for 2024. This led to better-than-expected adjusted leverage at about 3.5x versus 3.9x in our previous base case for 2024. While we now anticipate improvements in the deleveraging trend with adjusted leverage at about 3.5x and FOCF to debt slightly above 5.0% by 2025, the threshold that we regard as commensurate with a higher rating, the highly competitive nature of the Italian telecom market, and limited track record since the Netco separation constrain rating upside for now. As a result, we affirmed our 'BB' long-term and 'B' short-term issuer credit ratings on TIM, as well as our 'BB' ratings on the group's senior unsecured debt.

  
Brief Excerpt:

...Italy-based telecom operator TIM SpA outperformed our EBITDA and free operating cash flow (FOCF) forecast for 2024. This led to better-than-expected adjusted leverage at about 3.5x versus 3.9x in our previous base case for 2024....

  
Report Type:

Ratings Action

Ticker
TIT@IM
Issuer
TIM S.p.A.
GICS
Integrated Telecommunication Services (50101020)
Sector
Global Issuers, Structured Finance
Country
Italy
Region
United States
Format:
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S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "TIM SpA Ratings Affirmed At 'BB' On Better Expected Leverage; Outlook Stable" Jul 03, 2025. Alacra Store. Nov 07, 2026. <http://www.alacrastore.com/s-and-p-credit-research/TIM-SpA-Ratings-Affirmed-At-BB-On-Better-Expected-Leverage-Outlook-Stable-3400556>
  
APA:
S&P Global Ratings’ Credit Research. (). TIM SpA Ratings Affirmed At 'BB' On Better Expected Leverage; Outlook Stable Jul 03, 2025. New York, NY: Alacra Store. Retrieved Nov 07, 2026 from <http://www.alacrastore.com/s-and-p-credit-research/TIM-SpA-Ratings-Affirmed-At-BB-On-Better-Expected-Leverage-Outlook-Stable-3400556>
  
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