Moody's rates Televisa note Baa1

Moody's Investors Service said it assigned a Baa1 foreign-currency debt rating and an Aaa.mx Mexican national scale rating to Grupo Televisa, SAB's new Ps. 4.5 billion senior unsecured peso euronotes due 2037.

The outlook is stable.

The agency said Televisa's ratings are supported by the group's strong competitive position in the Mexican broadcast market, its dominance of the satellite direct broadcast Mexican market, its stable and improved margins, the projected stable operating performance, its strong cash position, its manageable debt maturity profile for the next several years and its ample liquidity in the form of a sizeable cash balance.

Constraining Televisa's ratings is its modest revenue size of $3.5 billion in the last 12 months as well as its still unclear growth path, Moody's said, adding that while it values Televisa's new venture into the gaming industry, the threat of a changing competitive environment in the company's core broadcast business coupled with continued high payouts to shareholders restrain Televisa's ratings in the Baa1 category.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.