Sao Paulo, February 26, 2016 -- Moody's America Latina Ltda. downgraded Telefonica Brasil S.A.'s ("Telefonica Brasil") senior unsecured debentures to Ba1 from Baa2. At the same time, Moody's withdrew Telefonica Brasil's issuer rating and assigned a Ba1/Aa1.br corporate family rating. The national scale ratings were downgraded to Aa1.br from Aaa.br for the senior unsecured debentures. The ratings outlook was changed to negative.
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