Fitch: America Movil notes A

Fitch Ratings said it assigned an A rating to America Movil, SAB de CV's €600 million senior notes due 2018.

The proceeds from the issuance are expected to be used for general corporate purposes, including debt repayment.

The company has a local-currency issuer default rating of A, foreign-currency issuer default rating of A, senior notes issuances rating of A, subordinated notes rating of BBB+, Mexican national scale rating of AAA(mex) and certificados bursatiles issuances rating of AAA(mex).

The ratings reflect the company's diversified fixed and wireless operations across Latin America, multiple service platforms, large-scale, strong financial profile backed by stable free cash flow, ample financial flexibility and solid liquidity, Fitch said.

The ratings also consider an expectation that the company's net leverage will remain within the company's long-term objectives and should end 2014 at close to 1.5x, the agency said.

The ratings are tempered by the increasing competitive pressures, especially in Mexico, due to the regulatory reform and price pressures in voice services, Fitch said.

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