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Moody's rates America Movil notes A2
Moody's Investors Service said it assigned A2 ratings to America Movil, SAB de CV's $239 million in 5.75% global senior unsecured notes due 2015 and $125 million in 5% global senior unsecured notes due 2020.
The proceeds will be used principally for the refinancing of existing debt, including the prepayment of certain global notes owed by Telefonos de Mexico. The notes are guaranteed by Radio Movil Dipsa, SA.
The outlook is stable.
The ratings are supported by the company's status as Mexico's largest wireless operator with market share of about 70%; Moody's said.
The agency said it anticipates that America Movil will continue to post stable operating results both on a consolidated basis and in Brazil, an increasingly major market for its services in the region.
The company's liquidity position shows a strong coverage of working capital needs, capital expenditures, near-term debt maturities and dividend and tax payments.
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