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Moody's rates Telesp Baa1
Moody's América Latina said it assigned a Baa1 local-currency and Aaa.br Brazil national-scale issuer ratings to Telecomunicações de São Paulo SA (Telesp).
The outlook is stable.
Telesp's ratings reflect its position as Brazil's largest integrated telecom operator both in terms of revenues and number of lines in service with pro-forma adjusted EBITDA margins of around 38%, the agency said.
The ratings consider Telesp's conservative financial profile, strong brand names, improved business and geographic diversification after the consolidation of Vivo Participações SA, and management focus on operational efficiency and cost-savings, the agency added.
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