Major companies in Spain are preparing to buckle down and prevent global onlookers from worrying whether the ailing Spanish economy will negatively affect their positions.
The companies aim to demonstrate their fundamental strength, reduce leveraged debt that grew during more prosperous years and show clean balance sheets.
In order to meet these goals, the companies have started to shed debt by divesting of non-strategic assets.
Besides Telefónica, which plans to sell Atento and go public with some of its Latin American branches, some of the biggest stocks on the Ibex 35 have announced their intentions to slim down and become more nimble in order to increase their chances of surviving the ongoing crisis that began in 2008.
With less debt on their balance sheets, companies will have access to lower financing rates and avoid the risk of credit downgrades.
