As watford said, a lot of their debt is on-lent to MIS investors...

As watford said, a lot of their debt is on-lent to MIS investors so it is investors problem to repay it.

TIM also has a significant and growing annuity stream from older MIS schemes, and hence a source of income apart from any new MIS schemes.

I think they will have difficulties but not impossible. As said, who knows what credit conditions will be like in 12 months time.