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Bond Market News
Telecom Italia Upgraded to Ba1 by Moody’s
May 12, 2026
Telecom Italia was upgraded to Ba1 from Ba2 by Moody’s, citing strong execution of its strategic plan, sustained earnings recovery, and improved credit metrics. In 2025, Telecom Italia’s EBITDA grew 6% to €4.3bn ($5.1bn), free cash flow approached €400mn ($470.3mn), and leverage improved to 3.5x from ~4.0x in the prior year. Looking ahead, Moody’s expects mid-single-digit EBITDA growth annually through 2026–27. Free cash flow is projected to average ~€600mn ($705.5mn) per year through 2028, with leverage declining toward 2.5x by then. In 2026, Telecom Italia will benefit from strong cash inflows, with ~€1bn ($1.2bn) expected from a resolution of a 1998 state licensing fee dispute and ~€700mn ($823mn) from the sale of its submarine cable unit, Sparkle. A meaningful portion of these proceeds will be returned to shareholders, with the rest applied to debt reduction. Its liquidity was maintained as strong, with €3.5bn ($4.1bn) in cash as of March 2026, supplemented by a €3bn ($3.5bn) undrawn revolving credit facility due 2030.
Telecom Italia’s bonds traded stable. For instance, the 6.375% 2033s was at 105, yielding 5.56%.
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