Moody's: Telmex, America Movil unaffected

Moody's Investors Service said that the ratings of Telefonos de Mexico, SAB de CV (Telmex) and America Movil SAB de CV are not currently affected by the announcement that the companies, along with AT&T Inc., plan to acquire an indirect capital stake of 12% in Telecom Italia, SpA for about €5.2 billion.

The agreement allows for AT&T, Telmex and America Movil to enter into exclusive negotiations with Pirelli & C SpA to acquire from Pirelli two-thirds of the share capital of Olimpia, which owns 18% of the ordinary shares of Telecom Italia. However, Moody's understands that Olimpia exercises control over the board of directors of Telecom Italia.

The agency said that in its view, the announced transaction has no near-term impact on AT&T, Telmex or America Movil because the companies' ratings as already factor in possible acquisitions However, Moody's will closely monitor the development of this possible transaction given its strategic importance to all parties involved.

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