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Tecnost SpA's 'BBB+' Corporate Credit Ratings Affirmed; Outlook Stable Sep 99

  • ID: 2025790
  • September 1999
  • Standard & Poors
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LONDON (Standard & Poor's CreditWire) Sept. 29, 1999--Standard & Poor's today affirmed its triple-'B'-plus long-term corporate credit ratings on Tecnost SpA (Tecnost), and its triple-'B'-plus senior unsecured debt rating on Tecnost International N.V., which is guaranteed by Tecnost. The outlook is stable. Tecnost is the acquisition vehicle used by Olivetti SpA earlier this year to acquire a majority stake in Telecom Italia. Tecnost is now used as a holding company, where all the acquisition debt is placed. The affirmation follows the Olivetti/Telecom Italia group's announcement that it plans to spin off from Telecom Italia its mobile-phone subsidiary, Telecom Italia Mobile (TIM), and its directory business, SEAT, and transfer these assets to Tecnost. The transactions still need formal approval from the...

Companies mentioned in this report are: Olivetti International (Finance) N.V.
Action: Affirmed

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
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Olivetti International (Finance) N.V.

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