S&P rates Grupo Televisa notes BBB

Standard & Poor's said it assigned its BBB rating to Grupo Televisa SA's $400 million senior notes due 2025. S&P also affirmed its BBB/stable/-- foreign and local currency corporate credit rating on the company.

Proceeds from the issuance will be used to refinance Mexican UDI-denominated notes due 2007, U.S.-dollar senior notes due 2011 and bank debt.

S&P said the rating reflects Televisa's prudent financial profile, effective cost and expense contention, reduced uncertainties regarding the company's expansion into the United States and the company's continued leadership in the Mexican television industry.

For the full year ended Dec. 31, 2004, Televisa posted key EBITDA interest coverage, total debt-to-EBITDA and FFO-to-total debt ratios of 5.9x, 2.2x, and 33.9%, respectively.

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