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Rating Action:

Moody's assigns A2 ratings to America Movil's EUR 1.5 billion senior notes

10 Mar 2016

New York, March 10, 2016 -- Moody's Investors Service, ("Moody's") today assigned A2 global scale ratings to America Movil's EUR 850 million and EUR 650 million senior unsecured notes due in 2024 and 2028, respectively. The notes will rank equally in right of payment with all other unsecured and unsubordinated debt obligations of America Movil. Proceeds from the notes will be used for general corporate purposes, including debt refinancing. The outlook on the ratings is stable.

Assignments:

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

....EUR 650M Senior Unsecured Regular Bond/Debenture due 2028, Assigned A2

....EUR 850M Senior Unsecured Regular Bond/Debenture due 2024, Assigned A2

....Senior Unsecured Shelf, Assigned (P)A2

RATINGS RATIONALE

America Movil's ratings are 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 factor in profitability pressured by factors including intense competition, shifting revenue compositions, uncertainty surrounding regulatory changes in key markets, and risks associated with growth strategies involving expansion into new markets, such as Europe.

Since October 2011, America Movil has been issuing senior unsecured bonds without the guarantee from Radiomovil - Dipsa, S.A. de C.V. (brand name "Telcel", unrated), a Mexican mobile operator and America Movil's largest subsidiary. Although the notes are structurally subordinated to the guaranteed notes (which as of December 2015 have been largely repaid), Moody's has not notched the rating of the unguaranteed notes below the existing A2 senior unsecured rating due to overall strength of America Movil and the expectation that going forward all debt issued by the group will no longer carry a guarantee. In addition, we expect that the company will not materially increase the current level of debt at its subsidiaries, which would further subordinate the debt at the holding company.

The stable outlook on America Movil's ratings is based on our expectation that the company will be able to maintain its credit quality by posting positive revenue growth and sustaining its margins at current levels, despite increasing competitive challenges across Latin America.

An upgrade of America Movil's ratings is not envisioned at this point, mainly due to our expectations that margins and free cash flow will remain pressured at least for the next couple of years. Any future upgrade consideration will be dependent on the company continuing to improve its operating margins and free cash flow generation and maintaining a conservative financial policy. An upgrade would likely have to be coupled by an overall improvement in the sovereign ratings of the major countries of operation for America Movil.

The ratings could be negatively impacted if the company's operations or financial performance is adversely affected due to intensifying competition; if a change in regulation impacts the company's operations; or if America Movil makes large debt-funded acquisitions or significant returns of capital to shareholders such that adjusted gross debt to EBITDA is likely to exceed 2.0 times for an extended period of time. A material deterioration in the company's liquidity would also put pressure on the ratings.

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 for a copy of this methodology.

We use the Global Telecommunications Industry Methodology to assist in the assessment of America Movil's credit quality. The Methodology suggested rating outcome for America Movil is based on the company's last twelve months results as of September 2015. All financial metrics incorporate our standard adjustments. Application of this Methodology indicates a global rating of A3 for America Movil, but expected to recover to the A2 level in 12 to 18 months, which is in line with the company's current 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.

REGULATORY DISCLOSURES

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.

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.

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

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

Please see the ratings tab on the issuer/entity page on www.moodys.com 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

Marianna Waltz, CFA
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 800-891-2518
SUBSCRIBERS: 55-11-3043-7300

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's assigns A2 ratings to America Movil's EUR 1.5 billion senior notes
No Related Data.
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