... in broadband and pay TV services will be key growth drivers over the medium to long term as penetrations of those services increase and help offset revenue losses in voice services. The broadband and pay TV segments are relatively under-penetrated compared with the mobile industry as the penetration rates remain below 50% for both services. Fitch Ratings forecasts Telefonica Chile S.A.'s (TCH) revenues to resume growth in the low single digits from 2015, while the EBITDA margin remains relatively stable at comfortably above 35%. Revenue Contraction in 2014: Revenue declines are likely to continue in 2014, mainly due to the negative regulatory effect of reduced fixed access charges and the elimination of domestic long distance charges. In addition, a continued decline in the subscriber base as well as falling average revenue per user (ARPU) would weaken the revenue contribution from the fixed-voice segment, which accounted for 42% of total...
