UK markets close in 6 hours 11 minutes
  • FTSE 100

    7,491.85
    +3.70 (+0.05%)
     
  • FTSE 250

    20,000.79
    +88.39 (+0.44%)
     
  • AIM

    912.95
    -1.80 (-0.20%)
     
  • GBP/EUR

    1.1829
    +0.0010 (+0.08%)
     
  • GBP/USD

    1.2094
    +0.0017 (+0.14%)
     
  • BTC-GBP

    19,102.72
    -677.94 (-3.43%)
     
  • CMC Crypto 200

    537.29
    -20.06 (-3.60%)
     
  • S&P 500

    4,122.47
    -17.59 (-0.42%)
     
  • DOW

    32,774.41
    -58.13 (-0.18%)
     
  • CRUDE OIL

    90.23
    -0.27 (-0.30%)
     
  • GOLD FUTURES

    1,808.10
    -4.20 (-0.23%)
     
  • NIKKEI 225

    27,819.33
    -180.63 (-0.65%)
     
  • HANG SENG

    19,610.84
    -392.60 (-1.96%)
     
  • DAX

    13,574.05
    +39.08 (+0.29%)
     
  • CAC 40

    6,495.54
    +5.54 (+0.09%)
     

Moody's cuts Telecom Italia's credit rating by one notch to 'B1'

  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
FILE PHOTO: The Tim logo is seen at its headquarters
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

(Reuters) - Ratings agency Moody's downgraded Telecom Italia's credit rating by one notch to 'B1' on Thursday, citing expectations its leverage will remain high and free cash flow will stay negative over the next two to three years.

Telecom Italia's shares fell over 6% on Thursday, hitting an all-time low as the Italian government's collapse is likely to hamper plans for the creation of a single network.

Italy's biggest telecoms company could cut more than 9,000 jobs by 2030 and is ready to offload its fixed network business to reshape the debt-laden former telecoms monopoly.

Moody's retained a 'negative' outlook for the company and its entities. (https://bit.ly/3BoSFnd)

"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.

(Reporting by Akanksha Khushi in Bengaluru)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting