Sao Paulo, August 12, 2015 -- Moody's América Latina Ltda. downgraded Telefonica Brazil S.A.'s senior unsecured debentures and issuer ratings to Baa2 from Baa1. The national scale ratings were affirmed at Aaa.br both for the senior unsecured debentures and the issuer rating. The ratings outlook is stable. The rating action follows Moody's downgrade on August 11, 2015 of Brazil's government bond rating to Baa3 from Baa2. In addition to downgrading Brazil's government bond rating, Moody's also downgraded the country's senior unsecured debt rating to Baa3 from Baa2, and the senior unsecured shelf rating to (P)Baa3 from (P)Baa2. The rating agency also changed Brazil's foreign currency country ceilings as part of this rating action. The foreign currency bond ceiling went to Baa2 from Baa1, while the foreign currency deposit ceiling went to Baa3 from Baa2. Please see "Moody's downgrades Brazil's rating to Baa3 from Baa2; outlook changed to stable" on moodys.com for more information.

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