S&P rates Telefonica Europe securities BB+

S&P said it assigned a BB+ rating to the proposed hybrid securities to be sold by Telefonica Europe BV, the finance subsidiary of Telefonica SA, which will guarantee the proposed securities.

“We understand the group may use the securities’ proceeds to manage its layer of hybrid capital or for general corporate purposes. We think Telefonica’s preference is not to permanently increase its stock of hybrids by way of this transaction, although we understand that, at this point, the group could retain the flexibility to do so,” S&P said in a press release.

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