...+ Telecom Italia SpA's second-quarter results show resilient operational performance and gains from its efficiency plan, including significantly lower capital expenditure, leading to cash-flow-led deleveraging. + We believe Iliad's entrance is gaining traction, but Telecom Italia's leading fiber and mobile network, and its premium, converged position should partially mitigate risk from increased competition in the Italian market. + We maintain our expectation for gradual improvement in Telecom Italia's operating margins, cash flow generation, and leverage ratios during 2018-2019. + We are affirming our '##+' long-term issuer credit rating on Telecom Italia. + The positive outlook reflects the possibility of a one-notch upgrade in the next 12 months if Telecom Italia progresses with its efficiency plan, its fixed and mobile network upgrades, and as a result improves its margins, recurring cash flow generation, and deleveraging to below 3.3x adjusted. PARIS (S&P Global Ratings) July 27, 2018--S&P...
