• Rubicon Associates
    TELEFONICA S.A. (TEF) cut to BBB from BBB+ BY S&P, Outlook NEG. Pain in Spain, babies in bathwater
    Reply (3)
    • Caiman Valores: There is a strong element of babies with the bath water but I can't but help feeling in the case of TEF a downgrade is justified.
    • Rubicon Associates: CV, right on, I agree - they will be impacted by a Spanish slowdown. My hope is that they get hit too hard and create an opportunity.
    • Caiman Valores: I find their debt levels and talk about Latin America being a growth engine a little off.