S&P raises Telecom Italia rating by two notches after network sale

MILAN: S&P Global raised Telecom Italia’s (TIM) credit rating by two notches to BB on Tuesday after Italy’s biggest telecoms group finalised the sale of its domestic fixed-line access network to KKR in a deal worth up to 22 billion euros ($23.77 billion).

Backed by the Italian government, the network disposal is aimed at slashing the debt pile of the former phone monopoly, which has been under pressure for years due to stiff price competition in its domestic market.