to download Telecom Italia Annual Report 2011 - Company Reporting

Telecom Italia S.p.A. ordinary and savings shares, Tim Participações S.A. ordinary shares,
Telecom Argentina S.A. Class B ordinary shares and Nortel Inversora S.A. Class B preferred shares are
listed on the New York Stock Exchange (NYSE). The shares are listed through American Depositary
Shares (ADS) representing, respectively, 10 Telecom Italia S.p.A. ordinary shares and 10 savings shares,
5 Tim Participações S.A. ordinary shares, 5 Telecom Argentina S.A. Class B ordinary shares and 0.05
Nortel Inversora S.A. Class B preferred shares.
Rating at December 31, 2011
Rating
Outlook
STANDARD & POOR'S BBB Negative
MOODY'S Baa2 Negative
FITCH RATINGS BBB Negative
In October, Standard & Poor’s and Fitch Ratings also downgraded the Outlook to “Negative”.
The downgrade of the Outlook from “Stable” to “Negative” principally reflects the rating agencies’ fear of
the impact on business from a possible slowdown in the macroeconomic scenario in Italy, associated in
part with the introduction of austerity measures by the government.
Report on Operations Information for Investors 104