S&P's Telecom Argentina ratings unaffected

Standard & Poor's said that Telecom Argentina SA's (B-/stable) intention to modify certain clauses of its existing bonds does not have an immediate affect on the company's ratings.

Changes consist of the elimination of the limitation on capital expenditures of its mobile subsidiary, Telecom Personal SA (B-/stable), and the obligation of Telecom Argentina to reinvest in Telecom Personal any distributions received from Telecom Personal.

The increased flexibility in capital expenditure and distributions at Telecom Personal were already factored into S&P's analysis, the agency said.

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