Moody's affirms Telmex

Moody's Investors Service said it affirmed Telmex's A2 global local currency issuer rating, A3 foreign currency senior unsecured rating and the Aaa.mx Mexican national-scale ratings upon release of first quarter results as of March.

Telmex's ratings are based on the company's strong telecom market position in Mexico, reasonable size as compared to its global peers and strong credit metrics for its rating category, the agency said.

The ratings are constrained, however, by downward pressure on revenues and profitability, a consequence of 1) the low level of diversified services offered by Telmex as per Moody's Global Telecom Industry rating methodology and 2) the higher level of competition observed in the Mexican telecom market, the agency said.

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