Rating agency Standard and Poor’s has reduced its ranking for Telefónica, leaving it just two steps above junk bond level. It goes down to BBB from BBB+ The agency has also warned of more possible cuts in the short term giving it a negative perspective. It considers the telecoms operator is facing intense pressure in the Spanish market, while it expects that the credit parameters for the Spanish operator will get ever weaker. S&P has also reduced the rankings of Telefónica subsidiaries, Telefónica Czech Republic, Telefónica Moviles Chile, and Telefónica Chile.
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