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March 3, 1994

CREDIT RATINGS

By CBR Staff Writer

Telefonica de Espana SA’s big adventure in Peru has not gone down well with Moody’s Investors Service Inc, which says it may downgrade the Prime-1 short term debt ratings of Telefonica and its wholly-owned Telefonica North America Inc, affecting some $375m of short-term debt. The review was prompted by the news that the consortium headed by Telefonica’s 76.22%-owned Telefonica Internacional de Espana SA won the bidding for a 35% stake in one and a 20% stake in another Peruvian phone company. Moody’s will assess the extent to which these investments, which will total $2,000m, might erode Telefonica’s financial profile and increase risks.

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