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Moody's rates proposed Brasil Telecom notes Baa2
Moody's Latin America said it assigned Baa2/Aaa.br rating to Brasil Telecom's proposed R$2 billion senior unsecured debentures and affirmed all other Brasil Telecom's ratings.
At the same time, Moody's affirmed the Baa2/Aaa.br ratings for Telemar Norte Leste SA.
The outlook is stable.
Moody's said the new debentures will increase the group's leverage metrics in the short term, but most of the net proceeds will be used to pay-off maturing debt in the short term and the remainder for investments during the year of 2012, at which time gross leverage should return to more normalized levels.
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