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Rating Action:

Moody's assigns Baa1/Aaa.mx rating to Televisa's proposed Mexican notes

 The document has been translated in other languages

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.

Assignments:

..Issuer: Grupo Televisa, S.A.B.

....Senior Unsecured Regular Bond/Debenture, assigned Baa1/Aaa.mx ratings

RATINGS RATIONALE

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.

REGULATORY DISCLOSURES

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.

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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.

Mexico
Nymia C. Almeida
Vice President - Senior Analyst
Corporate Finance Group
Moody's de Mexico S.A. de C.V
Telephone:+52-55-1253-5700

New York
Neil Begley
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's assigns Baa1/Aaa.mx rating to Televisa's proposed Mexican notes
No Related Data.
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