Telefonica de Argentina S.A. http://www.alacrastore.com/company-snapshot/Telefonica_de_Argentina_S_A-1055677 Tuesday, October 14, 2008 6:12:45 AM 1055677 Telefonica de Argentina S.A. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/spcred/674973spcred/674973normThe latest Full Report from S&Pglobalstructured10/3/2008 6:28:00 PM400Full Report674973ArgentinaIntegrated Telecommunication ServicesLatin AmericaEmerging MarketsEurope, Middle East, AfricaGlobal IssuersStructured FinanceFinancial InstitutionsSovereignsCorporationsInternational Public FinanceAsset-Backed SecuritiesTelecommunications & CableFull ReportGood market position as one of the two fixed-line incumbents in Argentina Moderate financial profile with strengthened financial metrics and manageable maturity schedule Dependence on Argentina's volatile economy Significant regulatory risks, partially mitigated by an increased participation in less-regulated business lines Exposure to currency mismatch risks Standard&Poor's Ratings Services' ratings on Telefónica de Argentina S.A. (TASA) reflect the challenges of operating in Argentina and the relatively high regulatory risk in that country. These factors, and the exposure to currency mismatch risks, are partially mitigated by the company's good market position and the significant strengthening in its financial performance and credit metrics. Because of these factors, as well as the company's solid cash generation and manageable maturity schedule, theARG87937850101020 501010 5010 50Telefonica de Argentina S.A.129951LATAMERICAEMERGINGEUROMIDAFRTEAR2@ARFULLESPARGMEXCZEGBR20444ME90183P0498187938WP1024N04011N15713M55309W879382E90678P8055K04011404011M87939350101020 501010 5010 5050102010 501020 5010 50Telefonica S.A.Argentina (Republic of)Telefonica O2 Czech Republic a.s.mmO2 PLCTelefonica Finanzas Mexico. S. A. de C. V. SOFOM E.N.R.Telefonica Emisiones S.A.U.Telefonica Moviles Argentina S.A.110188127096315959354546392148396979405539ASIAEMERGINGLATAMERICAEUROMIDAFRUSATEF@SM1310Z@ARSPTT@CPOOM@LNTELEFOTMOV@ARGLOBISSSTRUCFISOVCORPGOVSABSTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/674978spcred/674978normThe latest Summary from S&Pglobalstructured10/3/2008 6:28:00 PM175Summary674978ArgentinaIntegrated Telecommunication ServicesLatin AmericaEmerging MarketsEurope, Middle East, AfricaGlobal IssuersStructured FinanceFinancial InstitutionsSovereignsCorporationsInternational Public FinanceAsset-Backed SecuritiesTelecommunications & CableSummaryStandard&Poor's Ratings Services' ratings on Telefónica de Argentina S.A. (TASA) reflect the challenges of operating in Argentina and the relatively high regulatory risk in that country. These factors, and the exposure to currency mismatch risks, are partially mitigated by the company's good market position and the significant strengthening in its financial performance and credit metrics. Because of these factors, as well as the company's solid cash generation and manageable maturity schedule, the ratings on TASA are not immediately affected by our Aug. 11, 2008, lowering of the sovereign credit rating on the Republic of Argentina (B/Stable/B). The telecommunication industry in Argentina continues to face regulatory challenges. In February 2006, TASA signed a memorandum of understanding with the governmentARG87937850101020 501010 5010 50Telefonica de Argentina S.A.129951LATAMERICAEMERGINGEUROMIDAFRTEAR2@ARSUMMARYESPARGP04981P8055K04011404011N04011M879382E90183P1024N50101020 501010 5010 50Telefonica S.A.Argentina (Republic of)110188127096EMERGINGASIALATAMERICAUSAEUROMIDAFRTEF@SM1310Z@ARGLOBISSSTRUCFISOVCORPGOVSABSTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/moodys/PR_161169_600009340moodys/PR_161169_600009340htmlGlobal Credit Research Rating Action ## AUG #### Rating Action: Telefonica de Argentina S.A. Moody's changes outlook to stable for Telefonica de Argentina's rating Action Tied To Sovereign Rating Action Buenos Aires, August ##, ####...8/16/2008 12:32:46 AMhtmlTelefonica de Argentina S.A.Telefonica de Argentina S.A.600009340150.0000NewsRating ActionPR_161169_600009340Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/395906_report_framefitch/395906_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Telefonica de Argentina S.A.800921398/6/2008 2:18:00 PM01030400425Full Rating ReportTEAR1395906_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/428348_pr_framefitch/428348_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Telefonica de Argentina S.A.800921398/5/2008 6:31:00 PM0103040085Press ReleaseTEAR1428348_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/bir/448811bir/448811normTelefonica de Argentina S.A.ArgentinaCommunications: Telecommunications481351711030IKTAR5/30/2008 6:24:00 AM448811Company Profiles & FinancialsGale Company Profileshttp://www.alacrastore.com/storecontent/fitch/385740_report_framefitch/385740_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Telefonica de Argentina S.A.800921395/17/2008 10:20:00 AM01030400165Credit UpdateTEAR1385740_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/420054_pr_framefitch/420054_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Telefonica de Argentina S.A.800921395/9/2008 6:31:00 PM0103040085Press ReleaseTEAR1420054_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/419854_pr_framefitch/419854_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Telefonica de Argentina S.A.800921395/8/2008 2:17:00 PM0103040085Press ReleaseTEAR1419854_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/382746_report_framefitch/382746_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Acer Inc.Advanced Micro Devices, Inc.Agilent Technologies, Inc.Arte Grafico Editorial Argentino S.A.Belo CorporationCharter Communications, Inc.Cincinnati Bell Inc.Cogeco Cable Inc.Comcast CorporationCompahnia Telecomunicacoes do Brasil Central S.A.Compania de Telecomunicaciones de Chile S.A.Compania De Telecomunicaciones De El Salvador, S.A. De C.V.Computer Sciences CorporationDaily Mail and General Trust plcDeutsche Telekom AGDISH Network Corp.Eastern Broadcasting Co. LtdEastman Kodak CompanyElectronic Data Systems CorporationEmbarq CorpEmpresa de Telefonos de Bogota S.A. 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Ltd.Telstra Corporation Ltd.Texas Instruments IncorporatedThe Dun & Bradstreet CorporationUAB Bite LietuvaUnisys CorporationUralSvyazInformWIND Hellas Telecommunications S.AWind Telecomunicazioni SpaWindstream Corporation8008892080089096800891748008940780089648800902568009080080091001800910358009104780091056800911188009118180091184800912068009154080091806800921398036004580360263803604478036050080360707803608818036106080361237803612398041717980417572804175758053119880611405806298368067277980673418806734218094665780983660810668318119963581217298812570508153229281608893817704988187012581874137819109278203715482068470821565338230609782542509827286998278852482841929831242318331466883444468839020658405426984250679843564938470947584874083851354738629890086665926867309264/16/2008 2:17:00 PM010000000101000001020100010300000103020001030400010305000103070001031500010321000104000001070000275Newsletter012970033630235367526753675867649953AAMDBLCCBBCCACHTRCMCSACSCCTC.ADISHDMGODNBDTEEDSEKENCOEQETBFRPITVMGIMNIMOTORCLRELRENRGCSSANMSPSNTEAR1TECO2TEFTELEFBC1TITTKGTLSTPSTXNUISURSIWIN382746_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/640888spcred/640888normThe latest Summary from S&P4/3/2008 3:40:29 PMSummary175global640888ArgentinaIntegrated Telecommunication ServicesEmerging MarketsEurope, Middle East, AfricaLatin AmericaGlobal IssuersCorporationsTelecommunications & CableSummaryStandard&Poor's Ratings Services' ratings on Telefónica de Argentina S.A. (TASA) reflect the challenges of operating in Argentina and the exposure to regulatory and currency mismatch risks. The company's good market position, efficient operations, and strengthened financial performance help mitigate these negative factors. The telecommunication industry continues to face regulatory challenges. In February 2006, TASA signed a memorandum of understanding with the government regarding the renegotiation of its license contract. Among other nontariff-related elements, the agreement includes the possibility of raising international incoming calling rates and the equalization of the off-peak time for local and long-distance calls (this would extend peak time by one hour and result in lower rate discounts). Implementation of the agreement is on hold pendingARG87937850101020 501010 5010 50Telefonica de Argentina S.A.129951EMERGINGEUROMIDAFRLATAMERICATEAR2@ARSUMMARYESPE9018387938250101020 501010 5010 50Telefonica S.A.110188ASIAUSAEUROMIDAFRTEF@SMGLOBISSCORPTelecommunicationsCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/410832_pr_framefitch/410832_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.AlusaAmerica Textil S.A.Estado Libre y Soberano de TabascoIRSA Inversiones y Representaciones S.A.Mutual GuapayPachuca, HgoParque Arauco S.A.Profuturo Compania de Seguros de Vida S.A.Puerto Penasco, SonRenta Nacional Compania de Seguros de Vida S.A.Telecom Argentina S.ATelecom Personal S.A.Telefonica de Argentina S.A.80089648800921398036089980360955804171798044236780525248805252518077518580968531809686648131090581860415822387008223877382542509834358318343601583436067858574733/11/2008 2:34:00 PM01010000010103000102010001030000010304000103150001031800030400000600000085Press ReleaseIRSAPARAUCOTEAR1TECO2410832_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/374672_report_framefitch/374672_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Telefonica de Argentina S.A.800921392/29/2008 2:16:00 PM01030400425Full Rating ReportTEAR1374672_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/372966_report_framefitch/372966_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Telefonica de Argentina S.A.800921392/19/2008 6:28:00 PM01030400165Credit UpdateTEAR1372966_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/406192_pr_framefitch/406192_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Telefonica de Argentina S.A.800921392/19/2008 10:12:00 AM0103040085Press ReleaseTEAR1406192_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/moodys/COP_600009340moodys/COP_600009340htmlGlobal Credit Research Credit Opinion ## JUN #### Credit Opinion: Telefonica de Argentina S.A. Telefnica de Argentina S.A. Buenos Aires, Argentina Ratings Category Moody's Rating Outlook Positive Corporate Family Rating B# Issuer Rating...1/3/2008 3:40:00 PMhtmlTelefonica de Argentina S.A.Telefonica de Argentina S.A.600009340150.0000NewsCredit OpinionCOP_600009340Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/352004_report_framefitch/352004_report_framepdfTEAR180092139150Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Credit UpdateTelefonica de Argentina S.A.12/24/2007 11:15:47 AM352004_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/334844_report_framefitch/334844_report_framepdfCredit Update12/24/2007 11:15:33 AMTEAR1Telefonica de Argentina S.A.150Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.80092139334844_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/333960_report_framefitch/333960_report_framepdf12/24/2007 11:15:32 AMFull Rating ReportTelefonica de Argentina S.A.TEAR180092139385Fitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.333960_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/275118_report_framefitch/275118_report_framepdfCredit Update150Telefonica de Argentina S.A.12/24/2007 11:15:26 AMFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.TEAR180092139275118_report_frameCredit & Investment ResearchFitch Research