Madrid, May 27, 2014 -- Moody's Investors Service has today assigned a Ba1 rating to the $1.5 billion fixed-rate senior notes issued by Telecom Italia S.p.A. (Telecom Italia). The notes are senior unsecured and rank pari-passu with the rest of rated debt and are issued pursuant to Rule 144A of the Securities Act. The outlook on the rating is negative.

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