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.

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