Positive day in Piazza Affari for the Telecom Italia stock. At the end of the morning, the company's stock gained more than two half points, scoring one of the best increases in the Ftse Mib. The purchases began after the rating agency Fitch confirmed the company's BBB rating, albeit with negative outlook.
The recent downgrade of Italy's sovereign debt rating to BBB+/Negative therefore has no immediate impact on Telecom Italia's ratings. The negative outlook, however, refers to Telecom's dependence on the weak Italian economic context and, after the recent announcement of dividend reduction, the limited possibility of debt reduction.
