02:16 AM EDT, 10/05/2026 (MT Newswires) -- Fitch affirmed the BBB long-term issuer default rating of Telefonica (TEF.MC), with a stable outlook. In an Oct. 2 note, the rating agency said the action reflected the Spanish telecommunications company's leading market positions in Spain and Brazil, as well as the strength of its operations in Germany. Fitch said the rating's outlook reflected expectations that the company's cash flow from operations minus capital expenditures/gross debt will remain far below the 12% threshold in 2026 through 2029.

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