 Moodys Investors Service, Moodys has today affirmed the ratings of leading global integrated telecommunications provider Telefonica S.A. Telefonica and its guaranteed subsidiaries, including the Baa3 senior unsecured rating, the PBaa3 senior unsecured EMTN program and shelf program ratings, the Ba2 ratings on Telefonicas hybrid debt instruments, and the Prime-3 P-3 short-term ratings. This rating action follows the announcement of the agreement between Telefonica and Liberty Global plc Liberty, Ba3 stable to combine their operating businesses in the UK into a 50-50 joint venture JV 1. 