O2 plc -- Moody's: O2 sale could be key to EUR15 billion total debt reduction for Telefónica

Madrid, March 30, 2016 -- Moody's Investors Service expects that Telefónica S.A.'s (Telefónica, Baa2 stable) sale of O2 plc (O2, unrated) will be key to improving the company's leverage. The rating agency expects EUR15 billion total debt reduction through 2017 including different cash raising actions such as the O2 sale. Telefónica will likely benefit from exiting the increasingly competitive UK market where it would have had to make significant investment to compete. Management has committed to reducing reported net debt to EBITDA to 2.35x by year end 2016.

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