Fitch views Telefonica Chile negatively

Fitch Ratings said it changed the outlook for Telefonica Moviles Chile SA and Telefonica Chile SA to negative from stable.

“The negative outlook reflects the continuation of a deterioration in the company's credit profile as a result of the challenging competitive environment in Chile, lower profitability, strong dividend upstream, and the net impact of the company's sale of its stake in its fiber assets,” the agency said in a press release.

Fitch also affirmed the companies’ long-term foreign-currency and local-currency issuer default ratings at BBB+.

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