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Rating Action:

Moody's affirms America Movil's A2/Aaa.mx/MX-1 and Telmex's A3/Aaa.mx ratings

 The document has been translated in other languages

31 Mar 2016

Mexico, March 31, 2016 -- Moody's de México ("Moody's") affirmed America Movil, S.A.B. de C.V.'s long term A2/Aaa.mx and short term national scale MX-1 ratings. Simultaneously, Moody's affirmed Telefonos de México, S.A.B. de C.V.'s long term A3/Aaa.mx ratings. These actions follow the rating actions taken by Moody's Investors Service on March 31, 2016, changing the outlook on the global scale ratings of both America Movil and Telmex to negative from stable.

RATINGS RATIONALE

America Movil's ratings affirmation by Moody's de México is supported by the company's large scale among telecom operators globally and its strong presence in Latin America, complemented by a majority market share for wireless and fixed line subscribers in Mexico. The ratings reflect stable positive free cash flow generation and a multi-regional revenue base coupled with extensive and modern infrastructure to support competitive positions. In addition, the ratings benefit from America Movil's relatively conservative financial policies. At the same time, the ratings incorporate the ongoing pressure on profitability caused by intense competition, a lower-margin revenue mix, uncertainty surrounding regulatory changes in key markets, and risks associated with growth strategies involving expansion into new markets, such as Europe.

Moody's notes America Movil's stated commitment with its rating level and willingness to consider different options to preserve its capital structure and leverage in line with its publically stated target to remain within a net debt to EBITDA leverage of 1.5 times. Although Moody's expects the company to prudently manage shareholder distributions in order to preserve cash flow credit metrics, especially if additional margin pressures persist, it may sustain its net leverage above 1.5 times for a longer period of time; it is currently at 1.8 times.

An upgrade of America Movil's ratings is not possible given its highest level under Moody's mapping for National Scale Ratings. However, the company's ratings could be downgraded if the its operations or financial performance experience further pressure due to competitive or regulatory shifts such that EBITDA margins fall below 30% or sustained leverage remains above 2.0 times or if the company does not show a deleveraging trend over the next twelve months. If America Movil makes large debt-funded acquisitions or continues to provide significant returns of capital to shareholders that result in negative free cash flow, the ratings could also be downgraded. A material deterioration in the company's liquidity would also put pressure on the ratings.

Telmex's ratings affirmation is supported by competitive and operating advantages arising from its leading market position, extensive fixed-line network, growing data demand and the benefits of implicit support from America Movil. The ratings are constrained by industry-specific factors limiting growth and profitability, including falling voice revenues and increased competitive pressures in both residential and business sectors. Regulatory initiatives have also limited growth through the restriction of participation in the pay TV market and the elimination of long-distance fees.

Although gross debt at Telmex has steadily declined since 2012, the company's gross leverage, as adjusted by Moody's, increased to 2.6 times as of the last twelve months ended September 2015 (from 2.4 times at year end 2014), reflecting primarily declining EBITDA generation. Positive free cash flow and continued debt reduction, as forecast by Moody's through 2016, only partially offset the effects of operating in a less profitable and more competitive environment. However, expanding data demand, strong market shares and the possibility of offering pay TV in the future represent long-term growth opportunities.

If Telmex is able to reverse poor revenue trends, expand EBITDA margins and reduce leverage on a sustained basis while maintaining positive free cash flow and stable market shares a positive rating pressure could arise. However, this scenario is unlikely under current market circumstances and tough competitive and regulatory pressures in Mexico An upgrade of Telmex's ratings is not possible given its highest level under Moody's mapping for National Scale Rating.

America Movil, headquartered in Mexico City, Mexico, is Latin America's leading telecom operator with over 367 million accesses, of which 286 million were mobile subscribers as of December 2015. The company offers wireless, fixed and pay TV services to 18 countries in the Americas and various European nations through a controlling stake in the Telekom Austria group. In the last twelve months ended December 2015, America Movil reported revenues of close to USD56.4 billion.

Telefonos de Mexico, S.A.B. de C.V. (Telmex), headquartered in Mexico City, is a private company that provides voice and broadband access services under a national concession and network coverage in Mexico, with over 60% subscriber market share. During 2015, the company's revenues of approximately USD 6.4 billion. Telmex is 98.7% owned by America Movil, SAB de CV (A2 stable), the largest telecom company in Latin America.

Affirmations:

..Issuer: America Movil, S.A.B. de C.V.

....Senior Unsecured Commercial Paper (Local Currency), Affirmed MX-1

....Senior Unsecured Regular Bond/Debenture (Local Currency), Affirmed A2/Aaa.mx (AMX 07-3, AMX 08, AMX 10-2, AMX 10U, AMX 0619, AMX 0624, AMX 1122)

..Issuer: Telefonos de Mexico, S.A.B. de C.V.

....Senior Unsecured Regular Bond/Debenture (Local Currency), Affirmed A3/Aaa.mx (TELMEX 07, TELMEX 08, TELMEX 09-4)

The principal methodology used in these ratings was Global Telecommunications Industry published in December 2010. Please see the Ratings Methodologies page on www.moodys.com.mx for a copy of this methodology.

The period of time covered in the financial information used to determine America Movil S.A.B. de C.V. and Telefonos de Mexico, S.A.B. de C.V. rating is between 12/31/2011 and 12/31/2015 (source: audited financial statements and regulatory filings).

Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in June 2014 entitled "Mapping Moody's National Scale Ratings to Global Scale Ratings".

REGULATORY DISCLOSURES

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's information.

The ratings have been disclosed to the rated entities prior to public dissemination.

A general listing of the sources of information used in the rating process, and the structure and voting process for the rating committees responsible for the assignment and monitoring of ratings can be found in the Disclosure tab in www.moodys.com.mx.

The date of the last Credit Rating Action for America Movil, S.A.B. de C.V. was 10/03/2016

The date of the last Credit Rating Action for Telefonos de Mexico, S.A.B. de C.V. was 31/10/2013

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.mx.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

This Rating is subject to upgrade or downgrade based on future changes in the financial condition of the Issuer/Security, and said modifications will be made without Moody's de México S.A. de C.V accepting any liability as a result.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on www.moodys.com.mx for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com.mx for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see our website www.moodys.com.mx for further information.

Please see www.moodys.com.mx for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

The ratings issued by Moody's de Mexico are opinions regarding the credit quality of securities and/or their issuers and not a recommendation to invest in any such security and/or issuer.

Please see the ratings tab on the issuer/entity page on www.moodys.com.mx for additional regulatory disclosures for each credit rating.

Nymia C. Almeida
VP - Senior Credit Officer
Corporate Finance Group
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

John Diaz
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 001-888-779-5833
SUBSCRIBERS:52-55-1253-5700

Moody's affirms America Movil's A2/Aaa.mx/MX-1 and Telmex's A3/Aaa.mx ratings
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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