Moody's affirms Telefonica

Moody's Investors Service said it affirmed the A3 senior unsecured, Baa2 preferred stock as well as the prime-2 short-term ratings for Telefónica SA and its fully guaranteed subsidiaries. The outlook is stable.

Moody's said the affirmations follow Telefónica´s announcement of a € 6 billion share buyback through 2007.

In the rating agency's opinion, Telefónica boasts a strong management team with a consistent strategy that includes the global organization of the group along business lines, the maintenance of leadership in all core areas in the Spanish market, the consolidation of its leading position in Latin America and the intention to further strengthen the capital structure together with management's commitment to maintaining strong debt protection ratios.

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