Moody’s: Televisa notes Baa1

Moody’s Investors Service said it assigned Baa1 global and Aaa.mx national scale ratings to Grupo Televisa, SAB’s proposed issuance of up to Ps.10 billion in local debt securities.

The notes will be senior unsecured debt obligations with an up to seven-year maturity.

The proceeds will be used for general corporate purposes.

The new notes will be pari passu with all other senior and unsecured debt of Televisa, the agency said.

The outlook is stable.

Televisa’s ratings are supported by the group’s strong competitive position in the Mexican television and pay-TV markets, Moody’s said, along with good financial strength and stable operating performance.

The presence of larger and well-funded competitors in the telecom sector, where the company has been increasing its presence, constrains the ratings, the agency said.

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