S&P May Cut Telecom Italia To Junk

The Italian Communications company Telecom Italia SpA (ADR) (NYSE:TI) (BIT:TIT) may have its debt rating cut to junk by Standard & Poor’s, according to a report from Bloomberg breaking this afternoon. The company is in trouble after the resignation of its CEO Franco Bernabe last week. The executive cut the likelihood of a large capital increase, according to a statement from Fitch. The news that the firm’s debt may be downgraded by S&P 500 (INDEXSP:.INX) on the departure of Bernabe has been met with negativity on today’s market. Shares lost 1.72 percent in Italy in today’s trading. The ADR, which trades on…