Moody's: Telemar unchanged

Moody's Investors Service said the Baa3 rating for Tele Norte Leste Partipacoes SA and Baa2 rating for Telemar Norte Leste SA are unaffected by the announced alliance with Portugal Telecom (Baa2/stable).

The deal, as announced, includes a capital increase of up to R$12 billion in Telemar, which would allow the company to reduce its leverage and better position its debt metrics in the Baa rating category, the agency said.

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