Moody’s placed senior unsecured A2 debt ratings of Portugal Telec...
Moody’s placed senior unsecured A2 debt ratings of Portugal Telecom (PT) on review for possible downgrade following carrier’s disclosure that its Brazilian subsidiary was buying 49% of voting rights of Brazilian wireless carrier Global Telecom. PT’s Brazilian arm, Telesp…
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Celular Participacoes (TCP), is buying stake for $1.2 billion, including assumed debt, giving it overall investment of 83% in company. Moody’s concluded that move was in line with PT’s international growth strategy but raised concerns that “the magnitude of the investment may constrain the financial ratios of the group over the near term, as well as expose it to a higher risk operating environment.”