Telefonica is considering listing its Latin American business on the US stock market, according to reports originating from Spanish newspaper Expansion.

The company has previously said it is considering its strategy for these units (including its operations in Brazil and Mexico), and has also recently floated just under a quarter of its O2 Germany business.

According to Reuters, the Latin American moves are unlikely to come to come to fruition before the start of 2013.

In its most recent results release, the Spain-headquartered company identified Latin America as one of its growth drivers, with quarterly revenue from this region exceeding its sales in Europe.

Telefonica is currently in the process of cutting its debt, following concern about its exposure to the weak Spanish market and close relationships with the country’s banks, and the level of its borrowings.

It recently said it owed EUR52.8 billion, down by EUR5.5 billion from the end of June 2012, and in line with its target of cutting its net debt to OIBDA ratio to 2.35 times by the end of the year.

The company is narrowing its debt through efforts such as the German listing, the sale of its Atento call centre business, the cancellation of dividend payments, pausing share buybacks, and cutting executive pay.

It has also renegotiated financing to cover its debt maturities until after 2014.