Moody's: Univision outlook stable

Moody's Investors Service said it changed Univision Communications, Inc.'s outlook to stable from negative after the company said it is amending its agreement with Grupo Televisa, SAB (Baa1/stable) in connection with a $1.2 billion cash investment in Univision by Televisa, and launching a partial refinancing of its capital structure.

Univision's B3 corporate family and probability-of-default ratings, SGL-3 speculative-grade liquidity rating and debt instrument ratings are not affected.

The outlook change reflects the reduced operating uncertainty provided by the extension of agreement, which along with the proposed financing transactions would reduce Univision's refinancing risk related to its sizable 2014 and 2015 debt maturities.

Univision's B3 corporate family rating reflects its very high debt-to-EBITDA leverage of about 13 times and the effects of the proposed transactions, the agency said.

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