Moody's rates Entel notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to Empresa Nacional de Telecomunicaciones SA's (Entel) proposed issuance of up to $1 billion in senior notes with final maturity in 2024.

Proceeds from the notes will be used to pre-refinance upcoming debt maturities and for general corporate purposes.

The outlook is stable.

Moody's said the Baa2 rating on Entel's proposed notes is based on the company's leading market position in Chile where it is the largest wireless service provider with a 37% subscriber market share as well as on its high quality subscriber base and historical high service quality, which supports its solid EBITDA margins compared to its local peers.

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