Fitch cuts TDP's net settlement securitization to BBB

Credit rating agency Fitch Ratings downgraded on Monday the rating on Telefonica del Peru's (NYSE: TDP) securitization of international net settlement receivables to BBB from BBB+, saying cash flows generated from net settlement traffic continue to decline. "Despite a relatively strong volume of international telephone traffic, the transaction's cash flows have decreased primarily due to a reduction in related tariffs," Fitch said in the statement. Nevertheless, TDP has taken steps to ensure it has enough cash to cover interest and principal payments for at least one year, Fitch said. For a full copy of the report, please see: http://www.bnamericas.com/rc_search_detail.xsql?id_documento=41167&Tx_idioma=I