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General

Telefonica's rating downgraded by Moody's due to high debt

Tuesday 8 November 2016 | 08:53 CET | News
International ratings agency Moody's has changed the outlook on Telefonica's long-term senior unsecured ratings ratings and its guaranteed subsidiaries from "Baa2" to "Baa3" due to its difficulties reducing a debt level that stands at around EUR 50 billion. In a statement Moody's said the change reflected Telefonica's recent decision to revise its financial strategy to pay down debt through organic free cash flow and only sell non-strategic assets on an opportunistic basis. As a result, the ratings agency said Telefonica is now unlikely to meet its previously stated deleveraging targets by

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Categories: General
Companies: O2 UK / Telefonica / Telxius
Countries: Spain
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