S&P may cut Portugal Telecom

Standard & Poor's said it placed its BBB long-term and A-2 short-term corporate credit ratings on Portugal Telecom SGPS SA on CreditWatch with negative implications.

The CreditWatch placement reflects a view that the group might not deleverage to the extent that the agency had previously anticipated, S&P said.

Following the recent publication of the company's audited annual accounts, S&P said it has calculated the group's fully adjusted debt-to-EBITDA ratio for 2009 to be 3.3x. This is higher than a previous estimate, the agency said, and about stable with the level achieved at year-end 2008.

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