Fitch affirms Telecom Argentina

Fitch Ratings said it affirmed Telecom Argentina SA and Telecom Personal SA's local-currency issuer default rating of B+ and foreign-currency issuer default rating of B, national scale ratings at AA-(arg) and senior unsecured notes at B/RR4 and AA-(arg).

The outlook is stable.

The affirmation reflects a sound credit profile, strong operating performance and manageable debt maturity profile over the medium term, the agency said.

Ratings are tempered by increased competition, regulatory risk in the fixed-line business and currency mismatch between its foreign-currency denominated debt and its peso denominated cash flow, the agency noted.

As of Dec. 31, the company had a total debt-to-EBITDA ratio of 0.6x.

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