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Moody's rates America Movil euro notes A3
Moody's Investor Service said it has assigned a A3 long term domestic currency rating to America Movil, SA de CV's Ps. 5 billion guaranteed senior unsecured peso euro notes due 2016. The outlook is stable.
America Movil's ratings reflect its status as Mexico's largest wireless operator, Moody's said.
Credit strengths include an extensive distribution network, a favorable competitive environment, growth opportunities, high free cash flow generation, low financial risk with low leverage, high liquidity and a comfortable maturity profile, Moody's said.
The ratings are constrained by reduced cash flows of the Brazilian operations, the company's acquisition strategy, high churn levels of the Latin American wireless industry and a currency mismatch, Moody's said.
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