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Announcement of Periodic Review:

Moody's announces completion of a periodic review for a group of LatAm Telecommunications and Media issuers

30 May 2022

New York, May 30, 2022 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings -and other ratings that are associated with the same analytical units for the rated entity(entities) listed below.

The review was conducted through a portfolio review discussion held on 23 May 2022 in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. A possible outcome from periodic reviews is a referral of a rating to a rating committee.

This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement.

Key Rating Considerations

The principal methodology used for these rated entities was Communications Infrastructure published in February 2022. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.

Communications Infrastructure

Scale:  Scale can indicate a company's ability to influence business trends and pricing within its segments and to support a stable or growing market position. Scale can influence resilience to changes in demand or exogenous events, such as natural disasters, macroeconomic shocks, regional disruptions, or technological change. Revenue is an indicator of scale.

Business Profile:  The business profile of a communications infrastructure company provides indications of the strength or weakness of its business model based on whether it owns or leases assets, its product and service offering, and the exclusivity of the location of its infrastructure. A communications infrastructure company's competitive environment and business conditions, including the stability and tenor of its contracts, also affects its ability to generate cash flow and raise external capital. Barriers to entry and long-term contracts with strong counterparties can foster stable cash flows. The degree of competition a company faces directly affects its pricing power and marketing expenses. Reliability, product differentiation, execution and competitive cost structures are also considerations.

Profitability and Efficiency:  Profits are necessary in order for a company to reinvest in its business and maintain a competitive position, and sustained high profitability generally indicates a substantial competitive advantage. Funds from Operation(FFO) Margin, which is the ratio of FFO to revenue, is an indicator of profitability.

Leverage and Coverage:  Leverage and coverage measures are indicators of a company's financial flexibility and long-term viability, including its ability to generate sufficient returns to maintain access to the capital markets. Given the capital intensity of the industry, companies that are able to finance projects with internally generated cash flow and external sources have an inherent advantage. Among others, ratios such as EBITDA minus Capital Expenditures/ Interest, Free Cash Flow/ Debt, and Debt/ EBITDA are indicators of leverage and coverage.

Financial Policy:  Management and board tolerance for financial risk is considered because it directly affects debt levels, credit quality, and the risk of adverse changes in financing and capital structure.  The company's desired capital structure or targeted credit profile, its history of prior actions, including its track record of risk and liquidity management, use of cash flow through different phases of economic and industry cycles, and its adherence to its commitments can serve as indicators of financial policy.

Other Considerations:  Other consideration can include, but are not limited to, financial controls and the quality of financial reporting; corporate legal structure; the quality and experience of management; assessments of corporate governance as well as environmental and social considerations; exposure to uncertain licensing regimes; and possible government interference in some countries. Regulatory, litigation, liquidity, technology, and reputational risk as well as changes to consumer and business spending patterns, competitor strategies and macroeconomic trends are also considered.

• ATP Tower Holdings, LLC

• SixSigma Networks Mexico, S.A. de C.V.

The principal methodology used for these rated entities was Media published in June 2021. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.

Media

Scale:  Scale is considered because it enables a media company to spread costs across a larger base of advertisers, distributors, or subscribers, obtain premium rates from advertisers and distributors, and negotiate more-favorable terms with content suppliers, talent, and other vendors. Scale is measured using total reported revenue.

Business Profile:  The business profile of a media company provides insights into how competitive it is within its markets, whether it is gaining or losing market share, and how diversified it is. This factor is important because a company's pricing power, prospects for growth and ability to adapt to demand are meaningful drivers of its future cash flows. The business profile is assessed across three sub-factors: market position, market share trajectory and business model.

Leverage and Coverage:  Leverage and coverage measures are indicators of a company's financial flexibility and long-term viability, including its ability to adapt to changes in the economic and business environment in the segments in which it operates. Among others, ratios such as Debt-to-EBITDA and EBITDA less Capex-to-Interest Expense are considered.

Financial Policy:  Management and board tolerance for financial risk is considered because it directly affects debt levels, credit quality, and the risk of adverse changes in financing and capital structure. Our assessment of financial policies includes the perceived tolerance of a company's governing board and management for financial risk and the future direction for the company's capital structure. Considerations include a company's public commitments in this area, its track record for adhering to commitments, and our views on the ability of the company to achieve its targets. Many media companies have acquired other companies within and across media sub-sectors in order to consolidate their market positions, expand into new businesses or benefit from cost synergies. Given the limited growth opportunities in many traditional media sub-sectors, some companies face pressure to return cash to shareholders or develop new, faster-growth revenue streams. The quickening pace of technological change and the proliferation of competitors in online sub-categories could result in further M&A as companies seek to build scale, defend market share, acquire technical expertise, increase their subscriber base, or diversify their revenues.

Other Factors:  Other factors may include, but are not limited to, financial controls and the quality of financial reporting; corporate legal structure; the quality and experience of management; assessments of corporate governance as well as environmental and social considerations; exposure to uncertain licensing regimes and possible government interference in some countries. Regulatory, litigation, liquidity, technology, and reputational risk as well as changes to consumer and business spending patterns, competitor strategies and macroeconomic trends also affect ratings.

• Globo Comunicacao e Participacoes S.A.

The principal methodology used for these rated entities was Pay TV published in October 2021. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.

Pay TV

Scale:  Scale provides indications of a company's revenue-generating capability, its overall market strength, its operating leverage, and geographic diversity. Scale can influence negotiating leverage with suppliers of programming and equipment, as well as marketing-related cost efficiencies. Scale can also impact ability to invest in new technology, spread fixed costs over more customers, and allow for more rapid innovation and deployment of new services, as well as time-to-market. Total reported revenue is an indicator of scale.

Business Profile:  Business profile is considered because it influences the ability to generate operating cash flows, as well as the sustainability of those cash flows. Core aspects of a pay TV operator's business profile include its market position, the breadth and strength of its product offering, and its prospects for maintaining or improving its competitive position as the marketplace evolves.

Profitability and Efficiency:  Profits are considered because they are needed to generate sustainable cash flow, maintain a competitive position, and reinvest in the business. Sustained high profitability generally indicates a competitive advantage. Some indicators of profitability and efficiency include Revenue and Subscriber Trends and Margin Sustainability, EBITDA/ Homes Passed, and Satellite Penetration.

Leverage and Coverage:  Leverage and cash flow coverage measures provide indications of how much financial risk a pay TV company is willing to undertake. These metrics are also indicators of a company's ability to sustain its competitive position, invest in growth opportunities and service debt. Measures of leverage and coverage include Debt/ EBITDA, Retained Cash Flow/ Debt, Free Cash Flow/ Debt, and EBITDA minus Capital Expenditures/ Interest.

Financial Policy:  Financial policy considers management and board tolerance for financial risk and commitment to a credit profile. It is an important rating determinant because it directly affects debt levels, credit quality, the future direction for the company and the risk of adverse changes in financing and capital structure. Financial risk tolerance serves as a guidepost to investment and capital allocation. Liquidity management is an important aspect of overall risk management and can provide insight into risk tolerance.

Other Considerations:  Other considerations can include financial controls and the quality of financial reporting; corporate legal structure; the quality and experience of management; assessments of corporate governance as well as environmental and social considerations; exposure to uncertain licensing regimes; and possible government interference in some countries. Regulatory, litigation, liquidity, technology, and reputational risk as well as changes to consumer and business spending patterns, competitor strategies and macroeconomic trends can also be considered.

• VTR Finance N.V.

The principal methodology used for these rated entities was Telecommunications Service Providers published in January 2017. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.

Telecommunications Service Providers

Scale:  Scale is considered as it influences many of the core attributes that drive resiliency to stress. These attributes may include, among other aspects, the breadth of a company's customer base, the depth of its business, economies of scale, operational and financial flexibility, and greater pricing power. Scale can influence ability to harness business trends, support a stable or growing market position and withstand competitive pressures. For service providers in the telecommunication industry, scale can influence a company's ability to bundle products, and its ability to absorb a temporary disruption, acquisition, or misjudgment in the execution of capital investments.  Scale is measured by total reported revenue.

Business Profile:  Business profile can influence a company's ability to generate operating cash flows and the stability and sustainability of those flows. Core aspects of a business profile that drive success or failure typically include the depth and breadth of the company's product offering, its competitive environment, and the position it occupies in its operating markets.  Some considerations include business model, competitive environment, technical positioning, regulatory environment, and market share.

Profitability and Efficiency:  Profits are considered because they are necessary to maintain a business' competitive position, including sufficient reinvestment in marketing, research, facilities, and human capital. We consider the level and trajectory of operating margins and revenue together with their sustainability.

Leverage and Coverage:  Leverage and coverage measures are considered as indicators for a company's financial flexibility and long-term viability. Financial flexibility is critical to respond to changing consumer preferences, regulatory changes, competitive challenges, and unexpected events.  Key metrics include Debt/ EBITDA, Retained Cash Flow/ Debt and EBITDA minus Capital Expenditure/ Interest Expense.

Financial Policy:  Management and board tolerance for financial risk is a consideration because it directly affects debt levels, credit quality, and the risk of adverse changes in financing and capital structure. Considerations include a company's public policy commitments, its track record for adhering to commitments, and our views on the ability for the company to achieve its targets. Financial risk tolerance serves as a guidepost to investment and capital allocation.

Other Considerations:  Some other considerations include but are not limited to: our assessment of the quality of management, corporate governance, financial controls, liquidity, non-wholly owned subsidiaries, excess cash balances, event risk, and parental and institutional support.

• America Movil, S.A.B. de C.V.

• Axtel, S.A.B. de C.V.

• Cable & Wireless Communications Limited

• Digicel Group Holdings Limited

• Empresa de Telecom de Bogota S.A. ESP

• Empresa Nacional de Telecomunicaciones S.A.

• Grupo Televisa, S.A.B.

• Kenbourne Invest S.A.

• Millicom International Cellular S.A.

• Telecom Argentina S.A.

• Telecommunications Services of Trinidad

• Telefonica del Peru S.A.A.

• Total Play Telecomunicaciones, S.A. de C.V.

• Windstream Services, LLC

• WOM Mobile S.A. and subsidiaries

The principal methodology used for these rated entities was Government-Related Issuers Methodology published in February 2020. Please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.

Key rating considerations on a forward-looking basis may include but are not limited to the following summarized below.

Government-Related Issuers Methodology

Assigning a Baseline Credit Assessment (BCA):  The majority of Government-Related Issuers (GRIs) begin with an assessment of the GRI's standalone strength (i.e. BCA) – its ability to service and repay outstanding debt without recourse to extraordinary support from the supporting government - using the published sector-specific methodology that is most suitable for the predominant activities of the GRI. Our assessment of standalone strength includes any day-to-day support received from the government that can be clearly distinguished from extraordinary support. Support mechanisms, such as an obligation of the government to ensure the GRI's solvency and liquidity, are reflected in the BCA when they are legally or contractually documented.

Government uplift:  The GRI's ratings include any uplift due to systemic support and typically focus on three structural factors and three factors explaining the level of the government's willingness to provide support. Structural factors address the legal and quasi-legal aspects of the government's relationship with the GRI and include: (1) guarantees, (2) ownership level and (3) barriers to support. The factors underlying willingness consider the softer connections between the two entities and include (4) the likelihood of government intervention, (5) political linkages and (6) economic importance.  Support is determined using a joint default analysis framework which considers an estimate of the likelihood of extraordinary support, an assessment of the credit quality of the supporting government, and default correlation between the two entities.

GRIs without a BCA:  In limited instances, it is not possible or meaningful to assign a BCA. The GRI is so inextricably linked to the government that a meaningful standalone BCA cannot be derived. In such cases, a top-down analytical approach is used that chiefly considers the ability and willingness of the government to provide timely support, instead of the usual bottom-up approach of starting with the BCA and then considering uplift towards the government's rating.

• Empresa de Telecom de Bogota S.A. ESP

• Telecommunications Services of Trinidad

This announcement applies only to Rated Entities with EU rated, UK rated, EU endorsed and UK endorsed ratings. Rated Entities, with Non EU rated, non UK rated, non EU endorsed and non UK endorsed ratings may be referenced herein to the extent necessary, if they are part of the same analytical unit.

Please see the Issuer page on https://ratings.moodys.com for each of the ratings covered, most updated credit rating action, rating history, and Credit Rating action Press Release including the rating rationale and factors that could lead to a rating upgrade or downgrade.

This publication does not announce a credit rating action.

For any credit ratings referenced in this publication, please see the issuer/deal page on https://ratings.moodys.com

for the most updated credit rating action information and rating history.


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