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TEXT-S&P says Telefonica Brasil rtgs not affected by parent company

(The following statement was released by the rating agency)

Oct 12 - Standard & Poor's Ratings Services today said that its ratings and outlook on Brazilian telecommunications operator Telefonica Brasil S.A. (brAAA/Stable/--) are not affected following the CreditWatch negative placement of its parent company Telefonica S.A. (BBB/Watch Neg/--).

Despite a possible one-notch downgrade of Telelefonica S.A., the stable outlook on Telefonica Brasil reflects that its corporate credit rating will remain unchanged.

(Caryn Trokie, New York Ratings Unit)

((Caryn.Trokie@thomsonreuters.com; 646-223-6318; Reuters Messaging: rm://caryn.trokie.reuters.com@reuters.net))

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