Fitch affirms Grupo Televisa

Fitch Ratings said it has affirmed Grupo Televisa SA's international scale foreign currency unsecured debt ratings of BBB-, international scale local currency unsecured debt ratings of BBB and national scale ratings of AA+(mex).

The outlook for all these ratings is stable.

Fitch said the rating action reflects the neutral effect that the proposed recapitalization plan would have on Televisa's credit quality. The plan includes a proposal to simplify the shareholder structure, pay out an extraordinary dividend during 2004 and outlines an ordinary dividend policy over the next three years.

The plan is not expected to dilute the equity interests of current shareholders. In addition, the shareholder structure will become simplified because the shareholders of Grupo Televicentro, the holding company that controls Televisa, will directly own shares of Televisa.

Since majority control remains unchanged, Fitch expects continuity in the operating and financial strategies that have resulted in improvements in Televisa's credit profile in recent years.

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