Telecom Italia: Moody's changes rating outlook to 'negative'

(CercleFinance.com) - Moody's Investors Service has changed its outlook on the "Ba1" rating of Italian phone company Telecom Italia from "stable" to "negative.
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"The change in outlook to negative reflects our expectation that Telecom Italia will continue to operate in a very competitive environment and with sustained high leverage, in spite of management's strong commitment to reduce debt," the ratings agency said.

"As a result, we expect the company's leverage to remain outside the tolerance levels for its rating category for the next 24 months," it added.

The shares of Telecom Italia are currently trading 0.2% lower in Milan.

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