Telefonica outlook raised to stable, ratings affirmed - Moody's |
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Thu, 03 May 2007 17:39
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LONDON (Thomson Financial) - Moody's Investors Service said it has raised Telefonica's ratings outlook to stable from negative, after the company made substantial progress in extending its debt maturity profile, despite the new acquisitions in Italy.The company has improved its overall operating cash flow generation prospects and continues to demonstrate its commitment to maintain financial discipline, Moody's added.The ratings agency also affirmed Telefonica's senior unsecured ratings at 'Baa1', senior subordinated debt at 'Baa2' and the preferred stock rating and the Prime-2 short term ratings at 'Baa3'.Moody's said the ratings affirmation follows Telefonica's 2.3 bln eur acquisition of an equity stake in Telecom Italia through controlling holding company Olimpia.TFN.newsdesk@thomson.comvsr/cmlCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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