Fitch snips Telefonica del Peru

Fitch Ratings said it downgraded Telefonica del Peru SAA's (TdP) long-term foreign- and local-currency issuer default ratings to B+ from BB- and senior unsecured PEN 1.7 billion notes to B+/RR4 from BB-.

The outlook is negative.

“The downgrade and negative outlook reflect weak 2023 operating performance and the near-term materialization of TdP's tax liability. The tax liability will result in a material deterioration of TdP's leverage profile (including tax contingent obligation) in 2024.

“In addition, the company continues to operate in an intense competitive environment amid an uncertain economic backdrop in Peru,” Fitch said in a press release.

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