(Repeat for additional subscribers)
June 19 (The following statement was released by the rating agency)
In a new report, Fitch Ratings answers the questions it is most often asked regarding Telefonica (BBB+/Stable). Fitch has received numerous questions from investors, particularly within the past year, as Telefonica's financial metrics evolve with deeper austerity cuts in its domestic Spanish market.
The report is one of a series that Fitch will run regarding large issuers in the European Telecoms sector. Fitch hopes to guide investors on the most frequently asked questions affecting ratings for the largest issuing entities
The report answers the following questions:
1. How important is domestic market weakness?
2. How is Telefonica's rating linked to sovereign pressures?
3. Does portfolio diversification support the rating?
4. How does leverage rank against peers?
5. Will further disposals help the rating?
The report, 'Telefonica: What Investors Want to Know, Frequently Asked Questions' is available at www.fitchratings.com or by clicking on the link
Link to Fitch Ratings' Report: Telefonica: What Investors Want To Know