Fitch affirms Telefonica Chile

Fitch Ratings said it affirms Telefonica Chile SA's ratings as follows: local currency issuer default rating at BBB+; foreign currency issuer default rating at BBB+; national-scale issuer default rating at AA(cl); national-scale short-term issuer default rating at F1+(cl); local bonds series L, F, N and M at AA(cl); and equity rating at level 4.

The outlook is stable.

Telefonica Chile's rating actions are supported by its leading position in the Chilean fixed telecommunications market, solid financial profile and strong operating cash flow generation, the agency said.

The ratings reflect a strong competitive environment, low regulatory risk, weaknesses in local traffic and the policy of returning cash to shareholders, Fitch added.

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