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Moody's may lift Telemar Norte notes
Moody's Investors Service said it placed the Baa3 foreign currency rating of Telemar Norte Leste SA's $750 million of senior unsecured notes due 2019 under review for possible upgrade in conjunction with Moody's announced review for possible upgrade of Brazil's Baa3 foreign currency country ceiling.
The agency said that Telemar Norte's senior unsecured local currency issuer rating of Baa2, the Baa2 global-scale/Aaa.br national-scale ratings of the outstanding debentures, and their stable outlook remain unchanged.
Unchanged ratings include Telemar Norte's senior unsecured local currency issuer rating at Baa2, R$2.16 billion senior unsecured local currency debentures issued in two tranches due in 2011 and 2013 at Baa2 (global-scale) and Aaa.br (Brazilian national-scale), R$2.57 billion senior unsecured local currency debentures issued in two tranches due in 2011 and 2012 at Baa2 (global-scale) and Aaa.br (Brazilian national-scale).
Moody's added that Telemar Norte's Baa3 foreign currency bond rating is constrained by Brazil's current foreign country ceiling of Baa3.
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