Presentation- Credit Quality

Telefonica SA
10 January 2006


Telefonica has submitted to the UK Listing Authority two copies of the
presentation 'Telefonica Credit Quality & Financing Plan'.

This document will shortly be available for inspection at the UK Listing
Authority's Document Viewing Facility, which is situated at:



Financial Services Authority
25 The North Colonnade
Canary Wharf
London
E14 5 HS



                      This information is provided by RNS
            The company news service from the London Stock Exchange END

DOCURSSRNBRAAAR