Telefonica's rating downgraded by Moody's due to high debt

(Telecompaper) International ratings agency Moody's has changed the outlook on Telefonica's long-term senior unsecured ratings ratings and its guaranteed subsidiaries from "Baa2" to "Baa3" due to its difficulties reducing a debt level that stands at around EUR 50 billion. In a statement Moody's said the change reflected Telefonica's recent decision to revise its financial strategy to pay down debt through organic free cash flow and only sell non-strategic assets on an opportunistic basis. As a r