Fitch trims Televisa

Fitch Ratings said it downgraded Grupo Televisa, SAB’s long-term foreign- and local-currency issuer default ratings to BBB from BBB+ and the foreign senior unsecured debt ratings to BBB from BBB+. Fitch also affirmed Televisa's national long-term rating at AAA(mex) and the local-currency senior unsecured debt ratings at AAA(mex). The agency also revised the outlook to negative from stable.

“The downgrade reflects the decrease in revenues and EBITDA generation in 2023, caused by increased competition in Mexico, that has resulted in leverage exceeding the previous downgrade sensitivity of 3.5x gross debt to EBITDA.

“The negative outlook incorporates Fitch's expectation that the company will likely continue facing strong competition that may further compress cash flows over the next year,” Fitch said in a press release.

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