...October 14, 2022 - Our visibility on Telecom Italia (TIM)'s plan to turnaround and deleverage from 2023 has reduced because the macroeconomic environment has worsened and we continue to expect challenging conditions in the fiercely competitive domestic market will affect earnings and cash flows. - TIM must address large debt maturities over the next 24 months amid rising interest rates and constrained debt markets, while engaging in massive capital expenditure (capex), executing its large restructuring plan, and preparing for its structural separation. - Despite slightly better-than-expected operating performance during second-quarter 2022, we continue to forecast large negative reported free operating cash flow (FOCF) after leases in 2022 and 2023 and high adjusted leverage of about 5.0x or above. - Therefore, we lowered our long-term rating on TIM to 'B+' from '##-'. - The negative outlook reflects that we could lower our rating to 'B' if the company's EBITDA decline does not materially...
