Leading positions in the fixed-line and mobile telecoms markets in Spain, Brazil, and other Latin and Central American markets, and leading mobile positions in Germany and the U.K. Well-recognized portfolio of brands. Large scale and extensive geographic and asset diversity across markets, despite exposure to currency risk. Competitive Spanish telecoms market. Meaningful exposure to country and regulatory risks in emerging markets. High debt levels and slow pace of deleverage. Heavy industry-wide capital intensity for network deployment, upgrades, and maintenance. Robust free cash flow generation. Prudent financial policy. The stable outlook reflects our anticipation that all of Telefónica S.A.'s key assets will post stable operating performance in their local currency. We also expect that some positive currency effects and Telefónica's commitment
