FRANKFURT (S&P Global Ratings) Nov. 28, 2019--Spanish incumbent telecom operator Telefonica S.A. announced a new strategic action plan on Nov. 27, 2019. S&P Global Ratings believes the plan may increase the company's options for strengthening its credit metrics in the medium term, even though it does not affect the 'BBB/A-2' issuer credit ratings or the stable outlook currently. Among other things, the plan involves founding a new infrastructure company and separating the company's operations in all eight Latin American countries where it operates into the new entity to better monetize these assets, except Brazil (which accounted for about 20% of the group's operating income before depreciation, tax, and amortization in the first nine months of 2019). The infrastructure company will
