(Reuters) – Credit ratings agency Moody’s on Monday said it has placed Telecom Italia’s B1 ratings on review for upgrade after the company announced board approval for KKR’s bid for its fixed network assets.
Moody’s also expects Telecom Italia’s financial profile will improve due to 14 billion euro ($15.03 billion) of net debt reduction which will help cut the group’s reported net debt by about 50%.
If the deal is completed by summer of 2024, the ratings agency could upgrade the Italian company by one to two notches, according to the statement.
($1 = 0.9316 euros)
(Reporting by Urvi Dugar in Bengaluru; Editing by Chris Reese)
