Telefonica's Hybrid Equity Content Revised To "Intermediate"; 'BBB' Ratings Affirmed; Outlook Remains Positive

Netherlands-based Telefonica Europe B.V. and Spain-based Telefonica S.A. have waived a certain call option right in Telefonica Europe's hybrid security documentation. As a result, we have revised our assessment of the equity content of the hybrid to "intermediate." We are affirming our 'BBB' corporate credit rating on Telefonica S.A. The outlook remains positive. LONDON (Standard&Poor's) Nov. 20, 2015--Standard&Poor's Ratings Services said today that it has affirmed its 'BBB' corporate credit rating on Spain-based telecommunications operator Telefonica S.A. The outlook remains positive. We also affirmed the 'BBB' issue credit rating on the senior debt and 'BB+' issue credit rating on the hybrid capital (ISINs: XS0972570351, XS0972588643, XS0997326441, XS1050460739, XS1050461034, and XS1148359356) issued by related entity Telefonica Europe

...+ Netherlands-based Telefonica Europe B.V. and Spain-based Telefonica S.A. have waived a certain call option right in Telefonica Europe's hybrid security documentation. + As a result, we have revised our assessment of the equity content of the hybrid to "intermediate." + We are affirming our '###' corporate credit rating on Telefonica S.A. The outlook remains positive. LONDON (Standard & Poor's) Nov. 20, 2015--Standard & Poor's Ratings Services said today that it has affirmed its '###' corporate credit rating on Spain-based telecommunications operator Telefonica S.A. The outlook remains positive. We also affirmed the '###' issue credit rating on the senior debt and '##+' issue credit rating on the hybrid capital (ISINs: XS0972570351, XS0972588643, XS0997326441, XS1050460739, XS1050461034, and XS1148359356) issued by related entity Telefonica Europe B.V. and guaranteed by Telefonica S.A. The affirmation reflects our revised assessment of the equity content of Telefonica Europe's hybrid capital...

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