Telefonica is considering selling assets that “underperform” to reduce debt and regain investors trust after sales in Spain slumped and growth in Brazil slowed, Bloomberg reports, citing Telefonica CFO Angel Vila.

The CFO ruled out selling Telefonica’s operations in Germany, Mexico and the Czech Republic, or its 9.7 percent stake in China Unicom. Telefonica is assessing its businesses to find non-core or underperforming assets that can be divested, Vila said at an industry conference in Barcelona. Telefonica recently reiterated its full-year financial and dividend forecasts, including sales growth of 1-4 percent over three years from an adjusted base of EUR 63.1 billion in 2010.

The company aims to lower its debt to between 2 and 2.5 times OIBDA. According to Vila, Telefonica would reconsider its dividend policy only if its debt rating, cut to BBB+ by Standard & Poor’s in August, leaves the triple B category. “We would not move beyond this BBB class territory unless there were unimaginable pressures that would put us beyond that. If that was going to be the case we would have to react,” Vila added.