...Fitch Ratings affirmed Telecom Argentina S.A.'s ratings, including the Long-Term Foreign Currency (FC) Issuer Default Rating (IDR) at `B' and the Local Currency (LC) IDR at `BB¡', on May 6, 2019, as the company's credit quality remains stable despite macroeconomic stress in Argentina. The Rating Outlook is Negative. Telecom Argentina's ratings reflect the company's business position as the country's leading integrated telecom operator. The company benefits from a robust financial profile, underpinned by operational cash flow generation and a relatively conservative capital structure. Telecom Argentina's FC IDR of `B' is constrained by Argentina's Country Ceiling of `B', while the LC IDR of `BB¡' is two notches above the sovereign rating, reflecting the company's strong underlying credit profile. The Negative Outlook mirrors the sovereign Outlook. Telecom Argentina's 2021 senior unsecured notes Recovery Rating of `RR3' reflects good recovery prospects in the event of default, given the company's...
