Moody's cuts Brasil Telecom

Moody's Investors Service said it lowered Brasil Telecom SA's long-term global local currency senior unsecured debt rating and issuer rating to Ba1 from Baa3, while Moody's America Latina affirmed Brasil Telecom's Aa1.br Brazilian national scale issuer and senior unsecured debt ratings.

The outlook is stable.

Moody's cited the company's heavy reliance on fixed-line telephony, which is subject to stagnant growth and fierce competition from wireless and newer technologies.

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