Fitch trims TV Azteca

Fitch Ratings said it downgraded TV Azteca SAB de CV's long-term foreign and local currency issuer default ratings to B from B+. The outlook was revised to negative from stable. Also, Fitch downgraded the debt rating for the company's $400 million of senior unsecured notes due 2024 to B/RR4 from B+/RR4. An RR4 recovery rating on the company's senior unsecured notes assumes average recovery prospects in case of a default.

The downgrade reflects TV Azteca's ongoing credit profile deterioration, which has notably accelerated during 2019 amid an unfavorable operational environment. TV Azteca's revenues declined with its year-end 2019 revenues in the range of Ps. 12 billion- Ps. 13 billion compared with 2016 and 2017 in the range of Ps. 13 billion- Ps. 14 billion, due to unfavorable macro factors negatively affecting advertising demand, which represented 91% of its total revenue, Fitch said.

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