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Telecom Italia S.p.A. (TIN.MX)

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At close: 06:07PM EDT
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  • Reuters

    Telecom Italia shares, bonds dip after Moody's credit rating cut

    ROME (Reuters) -Telecom Italia bonds and shares fell on Friday after ratings agency Moody's downgraded the phone group's credit rating for the second time in four months, pushing it further into junk territory . Moody's on Thursday cut TIM's rating by one notch to 'B1', confirming a negative outlook, citing expectations that the former phone monopoly's leverage would remain high and free cash flow would stay negative over the next two to three years. "The macroeconomic environment has deteriorated since we downgraded [Telecom Italia's] rating to Ba3 in March, reducing the visibility on Telecom Italia's operating performance and its expected deleveraging path", Moody's said.

  • Reuters

    Telecom Italia to cut thousands of jobs in break-up plan

    ROME (Reuters) -Telecom Italia (TIM) could cut more than 9,000 jobs by 2030 and is ready to offload its fixed network business under a plan that would reshape the debt-laden former telecoms monopoly. Italy's biggest telecoms company is saddled with 23 billion euros ($24 billion) of net debt while contending with shrinking revenue in its fiercely competitive home market. Under a strategic plan unveiled by new CEO Pietro Labriola on Thursday, TIM said it would spin off its domestic fixed access network and submarine cable unit Sparkle into a separate company called NetCo, which would carry up to about 11 billion euros of the company's debt.

  • Reuters

    Telecom Italia secures 725 million euro tender for 5G rollout - ministry

    MILAN (Reuters) -Italy's biggest phone group Telecom Italia has secured works worth 725 million euros ($755.67 million) in a government tender for the deployment of 5G networks, the ministry for technological innovation and digital transition said on Monday. Earlier this year the EU Commission approved a 2 billion-euro Italian scheme to support the roll out of 5G mobile networks through the Recovery and Resilience Plan (PNRR). "With the award of the first tender for the development of 5G we are even closer to complete the government's plan to connect the whole of Italy with ultra-high-capacity networks," Innovation Minister Vittorio Colao said in the statement.