Telefonica hedges 100% of net debt against currency depreciation

The Brazilian real has depreciated more than 10% against the US dollar so far this quarter, compared with only 0.14% in Q1. Telesp, Telefonica?s fixed-line subsidiary for São Paulo State, has debts amounting to 3.5 billion reals net, equivalent to 24% of its net worth (14.9bn reals). The debt is entirely denominated in dollars and 100% hedged against exchange-rate risk. Equally well-protected are Telefonica?s mobile subsidiaries Tele Leste, Tele Sudeste and CRT.

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