S&P affirms Grupo Televisa

Standard & Poor's said it affirmed the BBB+ long-term corporate credit rating on Grupo Televisa SAB.

The outlook is stable.

The rating reflects the company's solid financial performance based on its strong free cash-flow generation, high operating margins and strong liquidity, S&P said.

The ratings also reflect its leadership in the Mexican television industry and satisfactory business risk profile, the agency said.

A concentration of operating income in Grupo Televisa's TV broadcasting unit, the inherent cyclicality of the Mexican TV industry and increased competition partially offset the positives, S&P said.

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