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S&P keeps BBB/A-2 ratings, "stable" outlook on Telecom Italia despite Sparkle probe.

BANKING AND CREDIT NEWS-25 February 2010-S&P keeps BBB/A-2 ratings, "stable" outlook on Telecom Italia despite Sparkle probe(C)1994-2010 M2 COMMUNICATIONS

25 February 2010 - Credit rating agency Standard & Poor's (S&P) confirmed its BBB/A-2 ratings with a "stable" outlook on Telecom Italia SpA (BIT:TIT) at least for the moment, despite the ongoing money-laundering probe into its unit Telecom Italia Sparkle.

The authorities have seized EUR300m (USD405.1m) of Telecom Italia Sparkle credits and liquidity in a probe that involves Sparkle and Italian broadband provider Fastweb SpA (BIT:FWB).

Telecom Italia might also postpone the approval and announcement of its end-2009 data due to the problems at Sparkle. It is holding a board meeting today to approve the results, as laid out it its corporate calendar. Four hours after the meeting started, agency Radiocor reported some members were leaving the building at 14:36 CET.

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Publication:M2 Banking & Credit News (BCN)
Date:Feb 25, 2010
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