...+ Telecom Italia SpA continues to successfully execute its efficiencies plan and we expect significantly lower capital expenditure from 2018. Furthermore, the company's significant fiber and mobile network investments position the company well against the risks of increased competition in the Italian market. + Consequently, we expect a gradual improvement in Telecom Italia's leverage ratios, operating margins, and cash flow generation during 2017-2019. + We are affirming our '##+' long-term corporate credit rating on Telecom Italia and revising the outlook to positive. + The positive outlook reflects the possibility of a one-notch upgrade if solid execution of the company's plan causes its adjusted leverage to fall comfortably below 3.3x by 2018, funds from operations to debt to rise to about 25%, and free operating cash flow to debt to rise to about 8%. LONDON (S&P Global Ratings) July 12, 2017--S&P Global Ratings today affirmed its '##+' long-term corporate credit rating on Italy-based...
