Two days after Moody's, Telecom Italia also downgrades Standard & Poor's. The American agency cut the group's rating from BBB/A-2 to BBB-/A-3 (ie the last step before the junk level). The outlook remains stable.
S&P underlines how the group will continue to face difficult conditions on the Italian telecommunications market in the two-year period 2013-2014 with uncertain prospects for a return to growth.
However, the agency added, Telecom Italia "has a strong position on the domestic market, Ebitda margins above the sector average and a solid position in Brazil". The board of directors meets today at 15 pm: the spin-off of the network is on the table.
Telecom Italia shares lost more than one and a half percentage points in the morning.
