Madrid, March 25, 2015 -- Moody's Investors Service has today assigned a Ba1 rating to the EUR2 billion fixed-rate senior notes issued by Telecom Italia S.p.A. (Telecom Italia). The notes are senior unsecured instruments with conversion into equity features. The conversion is not mandatory and the instrument ranks pari-passu with the rest of rated debt. The outlook on the rating is negative.

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