Telephone IT IS ON PRIMARY MENU BEGINNING SHAREHOLDERS AND INVESTORS DEBT AND RATINGS Credit ratings Access Long term Short term Perspective Last modification of the long-term rating Moody's Baa3 P-3 Stable 11/07/2016 Fitch BBB F-2 Stable 09/05/2016 S&P BBB- A-3 Stable 11/20/2020 Warning: these credit ratings are only an opinion on the credit rating of the Company and may be reviewed or withdrawn at any time by the respective rating agencies. Moody's Investment grade. Bonds and preferred issues with this rating are considered medium credit quality issues, subject to moderate credit risk and which may present certain speculative characteristics. Fitch Investment grade. High credit quality and low credit risk. The capacity to meet the payment of obligations is considered solid, although it is more exposed to changes in the economic and operating environment than higher ratings. S&P Investment Grade. High credit quality and low credit risk. The issuer's ability to meet the payment of principal and interest is considered ADEQUATE, although it is more exposed to changes in the economic and operating environment than higher ratings. IT MIGHT INTEREST YOU Financing policy Debt detail and evolution Debt Issuers and Programs Sustainable financing framework Detail of bank debt Detail of issues and bonds of Telefónica SA and instrumental companies Make our world more human, connecting people's lives. Countries CONTACT Configure / Reject cookies Cookies policy Legal warning Accessibility Privacy Policy © Telefónica SA Telefónica may use, depending on the section, subdomain or section of the www.telefonica.com website that you are visiting, its own and third-party cookies for analytical, personalization, social media purposes and to show you personalized advertising based on a profile. made from your browsing habits (for example, pages visited). You can accept all cookies by pressing the "Accept all and continue" button or configure or reject their use by clicking on the "Configure / Reject Cookies" button. For more detailed information, see our Cookies Policy CONFIGURE / REJECT COOKIES ACCEPT ALL AND CONTINUE