Moody's: Televisa unchanged

Moody's Investors Service said that Grupo Televisa, SAB's senior unsecured issuer ratings of Baa1 on the global-scale and Aaa.mx rating on the Mexican national-scale and their stable outlook are not affected by the company's signing of a definitive agreement with NII Holdings Inc. (rated B1 stable) to acquire an equity stake in the latter's operating subsidiary in Mexico, Comunicaciones Nextel de Mexico, SA de CV.

Under the agreement, Televisa will invest $1.44 billion in cash for an initial 30% equity stake in Nextel Mexico for the purpose of participating in the upcoming auction of wireless spectrum in Mexico as well as for related capital expenditures, the agency said.

Out of this amount, $500 million will be directed to Nextel Mexico and $940 million will be paid to NII Holdings, the agency added.

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