Fitch might lower TV Azteca

Fitch Ratings said it placed TV Azteca's B+ long-term foreign and local currency issuer default ratings on rating watch negative.

The agency also placed the company's B+/RR4 senior unsecured notes due 2024 on negative watch.

The negative watch reflects the high level of uncertainty related to the difficult situation of TV Azteca's vendor financing and leasing agreement with the Mexican subsidiary of American Tower Corp., Fitch said.

American Tower acknowledged in its recent earnings release that it had not received interest payments from TV Azteca.

If the obligations are declared defaulted, it could trigger a cross default call from TV Azteca's bondholders.

Fitch said it will resolve the negative watch after the current situation with American Tower is addressed and/or resolved.

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