Fitch affirms Televisa

Fitch Ratings said it affirmed Grupo Televisa, SAB's foreign- and local-currency issuer default ratings at BBB+.

The outlook is stable.

Televisa's BBB+ ratings reflect the company's strong business position as the leading Mexican TV broadcaster and one of the largest media companies in the Spanish-speaking world, diversified media and telecommunications portfolio, solid financial position characterized by its robust free cash flow generation and liquidity, as well as extended debt maturity profile, according to the agency.

The ratings incorporate the latest large cash investments in the controlling entities of Univision Communications, Inc. and Mexican mobile operator Iusacell and exposure to domestic economic cycles, the agency said.

As of June 30, total debt including satellite leases to EBITDA was 2.1x from 2.4x and 2.2x at the end of 2011 and 2010, respectively, while net debt considering cash, cash equivalents and temporary investments to EBITDA was 1.3x, 1.5x and 0.6x in the same periods, Fitch said.

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