S&P puts Cablemas on positive watch

Standard & Poor's said it placed Cablemas SA de CV's BB- long-term corporate credit rating, mxA- long-term national scale rating and BB- $175 million senior notes due 2015 on CreditWatch with positive implications.

The CreditWatch placement follows the recent announcement authorizing the conversion of Grupo Televisa SAB's long-term convertible notes into 99.99% of the equity of Alvafig SA de CV, which holds 49% of Cablemas' voting equity. Also, Televisa recently purchased an additional $100 million in long-term notes that Alvafig issued and used the proceeds to acquire limited voting shares of Cablemas' equity, which represents an additional 11% Cablemas' capital stock.

As a result of these transactions, Televisa is expected to eventually hold about 60% of Cablemas' capital stock. S&P said it believes Televisa's support of Cablemas is a major rating factor.

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