Moody's rates Grupo Televisa notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to Grupo Televisa, SAB's new $500 million senior unsecured notes due 2049.

The agency also said it assigned a provisional Baa1 rating to Televisa's senior unsecured shelf program.

The notes offered will rank equally in right of payment with all of Televisa's other unsecured and unsubordinated debt obligations, Moody's said.

The proceeds will be used for general corporate purposes, which may include debt repayment or repurchase, the agency noted.

The outlook is stable.

The ratings are supported by its revenue diversification, solid competitive positioning, strong pay TV market shares and solid EBITDA margins, Moody's said.

The ratings also consider Televisa's high leverage, challenges in its advertising businesses and high competitive and regulatory pressures, the agency said.

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