Convergencia Research, Consultoría especializada en Latinoamérica y Caribe
Tuesday, May 20, 2008

Televisa's entry upgraded Cablemás stock exchange grades

After purchase of Cablemás 49% by Grupo Televisa, the rating firm Moodys upgraded cable operator's grades and global bonds for US$ 175 million from B1 to BA3 with a 2015 expiration. Moreover, S&P assessed long term global grades as BB and national long term as mxA in the list of special revision with positive significance.

Moody's considers acquisition of Cablemás 49% by Televisa as positive for its business and financial profile since it will have the continued support of the television station for its growth plans. And it adds that ratings include expectations that Televisa will continue supporting Cablemás, even with the fund of capital expenses.

S&P states the special revision also repflects recent purchase of long term bonds by Televisa for 100 million additional issued by Alvafig, and it assures that it expects Televisa will have approximately 60% of Cablemás's capital stock in the end.

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