S&P puts Telecom Italia on credit watch negative
Ratings agency says BBB-/A-3 rating may be cut to junk07 October, 19:59
S&P cited the recent resignation of the company's chief, Franco Bernabé, and the uncertainty surrounding its future strategic outlook as the rationale behind its actions. Telecom Italia Chairman and CEO Bernabé resigned last week after saying he found out about Telefonica's move to tighten its grip on the Italian telecoms giant after it had happened. The stock in the company has been down despite government moves to prevent a takeover by the Spanish group.