Fitch: America Movil positive

Fitch Ratings said it affirmed its BBB+ local currency rating to the senior unsecured debt of America Movil SA de CV and revised the outlook to positive from stable.

Fitch has also affirmed its BBB foreign currency rating for the unsecured debt of America Movil and maintained a stable outlook.

Fitch said the revision of the outlook for America Movil's BBB+ local currency rating reflects the expectation that the company will continue to gradually improve its business position and financial profile over the near to medium term.

Financial leverage, as measured by debt/EBITDA, should decrease to 1.0 times at year-end 2004 compared with 1.5-2.0x during the previous two years, the agency said. Over the same period, interest coverage measured by EBITDA/interest expense should improve to about 12.0x compared with 7.0-9.0x.

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