Fitch assigns Televisa notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Grupo Televisa, SAB's proposed $500 million senior notes issuance.

Proceeds will be used for general corporate purposes, repayment of outstanding indebtedness and shares repurchase, the agency said.

In addition, Fitch said it has affirmed Televisa's ratings as follows: local currency issuer default rating at BBB+, foreign currency issuer default rating at BBB+ and national-scale long-term rating at AAA(mex).

Fitch added that it affirmed the following ratings: outstanding balance of $11.3 million of 8.0% senior notes due 2011, originally $300 million, at BBB+, $600 million 6.625% senior notes due 2025 at BBB+, $300 million 8.5% senior notes due 2032 at BBB+, and Ps. 4.5 billion 8.49% senior notes due 2037 at BBB+ and AAA(mex).

The outlook is stable.

The agency said that Televisa's ratings are based in its strong business profile, solid cash flow generation and ample liquidity.

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