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Article: Telefonica del Peru stands by struggling ABS deal.
- Article from:
- Asset Securitization Report
- Article date:
- November 19, 2001
- Author:
CopyrightCOPYRIGHT 2001 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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In an ongoing effort to pay down debt, Telefonica del Peru SAA has said it will pay down a portion of the remaining debt on its three-year-old TDP Grantor Trust transaction, a net settlement securitization, which was downgraded last week to BBB-' from A' by Fitch.
"In order to help the transaction, to maintain the levels of coverage, we are planning to reduce the principal amount," said a research analyst at Telefonica del Peru. The company is currently working with shareholders to determine the conditions and exactly how much of the coverage will be paid down.
The transaction, also downgraded to Fitch's equivalent rating by Moody's Investors Service in ...