...July 9, 2024 - On July 1, 2024, Telecom Italia SpA (TIM) closed the disposal of its fixed network infrastructure assets (NetCo) to Kohlberg Kravis Roberts & Co. L.P. (KKR). - Despite TIM's lower earnings and relatively less diversified operations post Netco disposal, which weigh down our assessment of TIM's business risk, we believe TIM will retain its strong position in its domestic market and maintain its strong position in Brazil. - The company will use the proceeds from the disposal to address its highly leveraged capital structure and aim to maintain moderate leverage. - We therefore raised our long-term issuer credit rating on TIM as well as our ratings on the group's senior unsecured debt to '##' from 'B+'. At the same time, we affirmed our 'B' short-term rating and removed all ratings from CreditWatch positive, where we placed them on Nov. 9, 2023. - The stable outlook reflects our expectation that TIM will turn around its domestic business in line with our expectations, demonstrated...
