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General

Telefonica must cut debt by the end of 2016 - Moody's

Monday 18 July 2016 | 11:11 CET | News
Telefonica must cut its debt significantly by the end of the year in order to avoid "very negative" repercussions for its credit rating, ratings agency Moody's said. While the company's management strategy is good, the failed sale of its O2 UK operations calls for a new debt-cutting plan, Moody's senior vice president Carlos Winzer said in an interview with Europa Press. Telefonica's agreement to sell O2 to CK Hutchison, which was blocked by the European Commission in May on competition grounds, would have generated EUR 14 billion, enough to bring its EUR 50 billion down to a level in line

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Categories: General
Companies: China Unicom / O2 UK / Telefonica
Countries: Spain
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