Moody's: Telefónica de Argentina unchanged

Moody's Latin America announced that Telefónica de Argentina SA's B2 foreign currency senior unsecured bond rating and Aa3.ar Argentina national-scale rating remain unchanged after Telefónica de Argentina concluded a tender offer to repurchase up to about $73 million in pesos and dollars out of its total debt of about $ 330 million in bonds at nominal value plus a premium on Oct. 22.

Telefónica de Argentina's ratings remain constrained by Argentina's B2 foreign currency country ceiling, Moody's noted.

According to the agency, Telefónica de Argentina's credit profile continues to be underpinned by its leading market position, recognized brand name, strong operating cash flow of over $440 million and low leverage of 0.7 times adjusted debt/EBITDA in the last 12 months ended in June 30 from its relatively stable operations in the Argentine telecom market.

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