Fitch rates Inversiones Telefonica BBB+

Fitch Ratings said it assigned Inversiones Telefonica Moviles Holdings SA long-term foreign-currency and local-currency issuer default ratings of BBB+ with a stable outlook following the company's merger with its subsidiary, Telefonica Moviles Chile SA.

The agency also affirmed Telefonica Moviles Chile’s long-term foreign-currency and local-currency issuer default ratings at BBB+ and simultaneously withdrew the ratings as the entity no longer exists after the merger.

Fitch also affirmed Telefonica Chile SA's long-term foreign-currency and local-currency issuer default ratings at BBB+ with a stable outlook.

Telefonica Moviles Chile announced on May 5 the completion of the reorganization plan approved by the shareholders on March 22. Under the plan, Telefonica Moviles Chile merged with its parent, Inversiones Telefonica, with the latter being the surviving entity.

Upon completion of the merger, all of Telefonica Moviles Chile’s existing local debt was assumed by the merged entity, and Inversiones Telefonica changed its legal name to Telefonica Moviles Chile SA.

Inversiones Telefonica is a holding company for the Telefonica group in Chile, which also owns 97.9% of the group's fixed-line operator, Telefonica Chile SA.

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