S&P affirms Tele Norte

Standard & Poor's said it affirmed its BB+ long-term corporate credit rating on Tele Norte Leste Participações SA and Telemar Norte Leste SA.

The agency said it also affirmed the companies' brAA+ national-scale corporate credit ratings.

At the same time, the agency noted that it affirmed its brAA+ national-scale long-term corporate credit rating on Brasil Telecom SA and Brasil Telecom Participações SA.

The outlook on the corporate credit ratings is stable.

S&P noted that the rating actions follow the announcement by Telemar that it reached an agreement to acquire control of Brasil Telecom for $3.5 billion.

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