It also raised 1.45 billion from floating its German O2-branded unit. As a result Telefonica is expected to say in 2012 results on February 28 that it has now got its ratio of net debt to earnings before interest, tax, depreciation and amortization (EBITDA) down to 2.35, from 2.65 at the end of June, credit analysts said. That would protect its credit rating and could mean Telefonica will not have to spin off its Latin American arm with an $8 billion share offer as once expected, or follow rivals with other cash-raising measures.