Downgrade for Telecom Italia, but the stock on the Stock Exchange is not affected. Moody's downgraded the rating of the Italian company from Baa2 to Baa3, maintaining the negative outlook. However, the decision was expected and did not influence investors, to the point that today at the opening of Piazza Affari, Telecom shares are up by almost one percentage point.
The American agency recommends that Telecom proceed with the reduction of the debt below 27 billion euros at the end of 2013. According to Moody's, the discussed merger with H3G is unlikely, but if it were done it would be positive for creditworthiness. The unbundling of the network, an operation that should be discussed in tomorrow's board of directors, could instead have a near-zero impact on Telecom's debt.
Even the rating agency S&P has placed the rating of the Italian telephone company under observation in view of a downgrade.
