Moody's may up Telesp

Moody's Investors Service said it placed the Baa3 long-term global local-currency senior unsecured debt rating and its Aa1.br Brazilian national scale rating of Telecomunicacões de São Paulo SA, also called Telesp, on review for possible upgrade.

The review reflects the company's demonstrated ability to consistently report credit metrics and operating margins that compare favorably against most of its similarly rated global and domestic peers, despite facing increased competitive challenges and maturity of its fixed line market, Moody's said.

The review also reflects the company's continued good growth prospects combined with the benefits of reduced regulatory uncertainties after the renewal of 20-year concessions at the end of 2005 and Brazil's overall improved sovereign rating, the agency said.

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