"As Telecom Italia’s board prepares to gather in Rome today to complete a review of the spinoff plan, Standard & Poor’s cut the former phone monopoly’s rating to one step above junk, citing Italy’s “tough” economic environment and competition in its mobile-phone business. The Milan-based company is separately evaluating a possible combination of its wireless unit with Hutchison Whampoa Ltd. (13)’s 3 Italia, although Telefonica SA (TEF), one of Telecom Italia’s biggest shareholders, remains skeptical of a transaction" - Opensource Obscure