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.
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