Fitch gives Total Play, notes BB-

Fitch Ratings said it assigned Total Play Telecomunicaciones SA de CV long-term foreign and local currency issuer default ratings of BB- with a stable outlook. Also, Fitch gave a BB- rating to the company’s proposed senior unsecured notes issuance of up to $500 million.

“Total Play´s ratings reflect its triple-play service offering through its competitive fiber to the home (FTTH) network. The company benefits from the stable and recurrent revenue of the Pay-TV and broadband business,” Fitch said in a press release.

The proceeds will be used to refinance debt and to fund expansion plans.

“In Fitch’s view, the issuance of up to $500 senior notes could significantly extend the company´s debt maturity profile; it also improves its current capital structure by decreasing the percentage of secured debt by accounts receivables,” the agency said.

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