Fitch lowers Telefonia Deutschland to stable

Fitch Ratings said it revised Telefonica Deutschland Holdings AG's outlook to stable from positive and affirmed the company's long-term issuer default rating at BBB.

The outlook change reflects an expectation that the company's funds from operations adjusted net leverage will remain higher than the upgrade threshold of 2.5x in the medium term following a 0.5x increase in 2019 due to 5G spectrum payments, the agency said.

Fitch said it expects the company to maintain a prudent approach to its leverage policy.

Telefonia is the largest mobile network operator in Germany by subscriber and the third-largest by revenue, the agency explained.

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