S&P: America Movil unchanged after add-on

Standard & Poor's said the A- ratings on America Movil SAB de CV remain unchanged following the CHF300 million add-on to its senior unsecured notes due 2018.

The proceeds will be used for general corporate purposes.

The company has a global-scale corporate credit rating of A-, national scale ratings of mxAAA and mxA-1+ and a global-scale senior unsecured notes rating of A- on its CHF550 million 1.125% notes due 2018.

The ratings reflect the company's strong business risk profile and modest financial risk profile, the agency said.

The company holds a leading position in the Latin American telecom industry, has solid profitability and is expected to maintain robust cash flow generation despite intense competition in some of its markets, S&P said.

The partly offsetting factors are a somewhat concentrated cash flow generation in Mexico, more stringent regulation in the markets where America Movil operates and the continuing threat to its wireline business from wireless substitution and cable, the agency said.

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