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Telecom Italia CEO talks possible credit downgrades, double talks Brazilian ops

Nov. 08, 2013 8:33 AM ETTelecom Italia S.p.A. (TIIAY) StockTIIAYBy: 2, SA News Editor
  • Telecom Italia (NYSE:TI) CEO Marco Patuano told journalists that he is uncertain if the company's €1.3B convertible raise and ~€1.05B Argentina Telecom divestment will be enough to stave off more credit downgrades in the future. The company intends to use proceeds to pay down its €28.2B in debt.
  • Patuano ruled out another rights issue next year, saying "we don't want to touch equity twice."
  • Many have speculated that owner Telefonica wants TI to divest its Brazilian operations. Patuano called the TIM Brazil unit a "core asset ... it is a part of our strategy ... That does not mean a core asset has no price. ... It's not for sale, I'm not facilitating a sale. If we receive an offer it has to be an offer for a core and strategic asset."
  • Of the seeming double talk Alliance Bernstein analyst Robin Bienenstock remarked "if you want to sell that company well you're going to talk it up."
  • Shares are down 7.2% in afternoon Milan trading as investors worry that the Brazilian ops may not be divested.

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