Poste: Moody’s confirms ‘Baa2’ rating following the outcome of the takeover bid for Tim

(Il Sole 24 Ore Radiocor) - Moody’s confirms Poste Italiane’s ratings following the conclusion of the takeover bid for TIM. The agency has reaffirmed the ‘Baa2’ long-term rating, the ‘Prime-2’ short-term rating, the ‘Baa2’ rating on senior unsecured debt, the provisional ‘Baa2’ rating on the senior unsecured medium-term issuance programme and the ‘Ba1’ rating on junior subordinated debt. It has also confirmed the “baa2” assessment for the baseline credit rating.

The rating affirmation, Moody’s writes, reflects the view that the acquisition of an 87 per cent stake in TIM will strengthen Poste’s corporate profile thanks to greater operational scale, broader service diversification and increased international exposure, whilst its financial profile will remain consistent with the current rating level. According to the agency, however, the overall assessment of Poste’s corporate profile remains “unchanged” as the greater diversification and strategic significance of the combined group offset the weaker underlying credit characteristics of TIM’s operations.

Whilst Poste’s gearing is set to rise in 2026 as a result of the takeover bid (to 2.6 times), Moody’s considers this level to be “solid” in relation to the current rating; furthermore, it is expected to decline gradually to below 2.5 in 2027 and to 2 times or less in 2028, thanks to the continued improvement in EBITDA alongside the gradual integration of TIM and the realisation of cost synergies.

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