Fitch rates Grupo Televisa notes BBB

Fitch Ratings said it assigned a BBB rating to Grupo Televisa SA de CV's proposed senior note offering of up to $400 million.

Proceeds from this issuance will be used to prepay existing debt and for other general corporate purposes.

Fitch said Televisa's ratings are based on the company's strong business and financial positions.

In 2004, interest coverage, measured as EBITDA to interest expense, remained strong and consistent with the rating category at 5.1x, reflecting increased advertising revenues, higher programming licensing fees received from Univision and lower operating expenses as a result of cost-cutting programs implemented over the past several years, according to Fitch.

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