Moody's cuts Telecom Italia's debt to junk

Telecom Italia's (TI) senior debt rating has been lowered to Ba1 from Baa3 (junk status), and its junior rating to Ba3 from Ba2. Moody's cites the resignation of CEO Franco Bernabe and "increased uncertainty regarding the company's ability to strengthen its balance sheet sufficiently to mitigate the declining trend in its domestic revenues and EBITDA."

The downgrade comes a day after S&P put TI on watch for a downgrade, and Egyptian billionaire Naguib Sawiris disclosed a 1.2M-share short position in the Italian telco while predicting a debt downgrade was on the way.

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