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Global Credit Research - 01 Sep 2010
Mexico, September 01, 2010 -- Moody's Investors Service assigned assigned Baa1 global ratings and and
Moody's de Mexico assigned Aaa.mx national scale ratings to Grupo
Televisa, S.A.B.(Televisa)'s proposed up to
MXN10 billion in senior unsecured Mexican notes due 2020. The proceeds
from the notes will be for general corporate purposes, which may
include debt repayment and acquisitions. The new notes will be
pari passu with all other senior and unsecured debt of Televisa.
The outlook for the ratings is stable.
..Issuer: Grupo Televisa, S.A.B.
....Senior Unsecured Regular Bond/Debenture,
assigned Baa1/Aaa.mx ratings
Televisa's ratings are supported by the group's strong competitive position
in the Mexican television and pay TV markets, its financial strength
and its stable operating performance. The company's advertisement-heavy
business model has proven resilient during the last economic downturn
in Mexico, in 2007-2009, and particularly when compared
to the company's international diversified media peers. Nominal
TV broadcasting sales in the last twelve months were slightly higher by
2.7% as compared to the trailing twelve months ended in
June 2009 and despite the strong economic recession, especially
in 2009. Televisa's manageable debt maturity profile for
the next several years as well as its ample liquidity in the form of a
sizeable cash balance also support its ratings. Constraining Televisa's
ratings, however, are its smaller global scale in terms of
revenue when compared to diversified media peers, and the uncertainty
surrounding the company's lack of transparency over its growth plans
and long-term leverage target.
Moody's expects that, upon completion of the proposed transaction,
Televisa's financial leverage will not increase materially from
the 2 times adjusted debt/EBITDA in June 30, 2010. However,
the prospective use of the company's cash will be a important factor
that could impact the stability of Televisa's ratings. While Moody's
does not anticipate that any material investments would increase the business
risk of the company, to the extent that cash is directed towards
shareholder distribution rather than investments, the company's
financial flexibility for future investments would be materially reduced.
Televisa has a comfortable debt maturity profile and solid financial strength.
As of June 30, 2010, the company only has USD142 million of
debt maturing before the end of 2011 (bank loans amounting to about USD70
million and notes amounting to USD72 million). Televisa's exposure
to foreign currency denominated debt (about USD2.5 billion) is
currently partially offset by a largely USD denominated cash position,
which at June 30, 2010 was USD1.9 billion, as well
as some dollar-denominated export revenues. Moody's does
not normally consider cash in leverage measures; however, Televisa
has historically maintained cash that covered a substantial portion of
its total debt outstanding. Going forward, although cash
may drop in relation to total debt, Moody's expects that Televisa
will maintain similar cash management strategies to offset its exposure
to foreign currency liabilities, or to enter into perfect foreign
exchange swap or other derivative arrangements to hedge its currency risks
if it chose to reduce its cash position.
The stable outlook is based on Moody's expectations that Televisa will
maintain operating margins and leverage at around current levels in the
foreseeable future, and on the company's comfortable debt
maturity profile. Moody's believes that Televisa will be able to
continue to manage through the current economic uncertainties within the
current ratings category. Also, Moody's does not anticipate
the company making a major acquisition that would significantly impact
credit metrics. The group's ratings could experience upward pressure
if it increases its scale and diversification to the point that its credit
metrics are less susceptible to the potential impact of large acquisitions.
Ratings could come under downward pressure if weak performance of the
company's core TV broadcasting, pay TV systems (DTH and cable) or
telecom businesses leads to credit metrics no longer consistent with the
current rating category, with gross debt to EBITDA sustained over
2.5 times and cash from operations trending down and sustained
below 30% of debt. In addition, Televisa's ratings
could allow for leverage to temporarily climb to above 2.5 times
if it is for a very limited period of time and provided that free cash
flow does not drop below 20% of debt. Moreover, a
significant cash reduction without the effective elimination of exposure
to foreign currency debt could negatively affect the outlook or the rating.
Moody's has reviewed preliminary draft legal documentation for the proposed
notes and the assigned ratings assume that there will be no material variation
from the drafts reviewed and that all agreements will be legally valid,
binding and enforceable.
The principal methodology used in rating Grupo Televisa, S.A.B.
was Large Global Diversified Media Industry rating methodology published
in November 2007. Other methodologies and factors that may have
been considered in the process of rating this issuer can also be found
on Moody's website.
With its headquarters in Mexico City, Mexico, Grupo Televisa,
S.A.B. ("Televisa") is the largest diversified media
company, in terms of market capitalization, in the Spanish-speaking
world. Last-twelve-months revenues as of June 2010
amounted to approximately USD4.3 billion and adjusted (for Moody's
standard adjustments) EBITDA margin reached 40%. Televisa's
main business is television broadcasting, which represent approximately
39.5% of revenues and 49% of Operating Segment Income,
as reported. Televisa has interest in the largest DTH (direct-to-home)
satellite service provider in Mexico as well as in three cable TV companies,
which offer video, broadband and telecommunication services.
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public information, and confidential
proprietary Moody's Investors Service's information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of assigning
a credit rating.
Moody's Investors Service adopts all necessary measures so that the information
it uses in assigning a credit rating is of sufficient quality and from
reliable sources; however, Moody's Investors Service does not
and cannot in every instance independently verify, audit or validate
information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
Nymia C. Almeida
Vice President - Senior Analyst
Corporate Finance Group
Moody's de Mexico S.A. de C.V
Senior Vice President
Corporate Finance Group
Moody's Investors Service
Moody's de Mexico S.A. de C.V
Moody's assigns Baa1/Aaa.mx rating to Televisa's proposed Mexican notes
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
No Related Data.
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