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Rating Action:

Moody's rates Univision's proposed first lien notes B2

25 Apr 2011

Approximately $600 million of debt affected

New York, April 25, 2011 -- Moody's Investors Service assigned a B2 rating to Univision Communications, Inc.'s (Univision) proposed $600 million senior secured notes due 2019. Univision plans to utilize the net proceeds from the note offering to redeem its $545 million senior secured notes due 2014 (2014 notes) and fund related transaction expenses. Univision's B3 Corporate Family Rating (CFR), B3 Probability of Default Rating, other debt instrument ratings, SGL-3 speculative-grade liquidity rating and stable rating outlook are not affected.

Assignments:

..Issuer: Univision Communications, Inc.

....Senior Secured Regular Bond/Debenture due 2019, Assigned a B2, LGD3 - 40%

RATINGS RATIONALE

The refinancing improves Univision's maturity profile, reduces refinancing risk related to its 2014 maturities (approximately $1.1 billion upon completion of the proposed offering), and will moderately reduce cash interest expense. Moody's does not expect the $55 million increase in debt as a result of funding the tender premium on the 2014 notes to materially alter Univision's current leverage position or the expected de-leveraging over the next few years. Moody's had expected in the existing B3 CFR and stable rating outlook that Univision would refinance the 2014 notes.

The proposed notes will be guaranteed by Univision's domestic operating subsidiaries and Broadcast Media Partners Holdings, Inc. (Univision's parent) and will be secured by a first lien on substantially all of the assets of Univision and its subsidiaries that secure the company's $7.2 billion senior secured credit facility, 2014 notes, and $750 million 7.875% senior notes due 2020 (2020 notes). Moody's ranks the credit facility, 2014 notes, and 2020 notes the same in its loss given default notching methodology based on the instruments' pari passu first lien senior secured claims. The credit facility nevertheless contains covenants that could improve recovery prospects relative to the notes.

Moody's anticipates in the ratings that the 2014 notes will be redeemed in full either through the tender offer announced on April 25, 2011 or another transaction (the notes are callable at 106 beginning July 1, 2011). Univision proposed amendments to the 2014 note indenture in conjunction with the tender offer that would strip the collateral package and most of the restrictive covenants from the notes. As a result, the rating on the notes would likely be downgraded to Caa2 based on a revised senior unsecured claim if the proposed indenture changes are completed and the notes remain outstanding.

Please see the ratings tab on Univision's issuer page on Moodys.com for the last Credit Rating Action and the rating history.

Please see the credit opinion at www.moodys.com for additional information on Univision's ratings.

The principal methodology used in rating Univision was Moody's Global Newspaper Industry, published in June 2008.

Univision, headquartered in New York, is the leading Spanish-language media company in the United States. Revenue for FY 2010 was approximately $2.2 billion.

REGULATORY DISCLOSURES

Information sources used to prepare the credit rating are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics 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 adopts all necessary measures so that the information it uses in assigning a credit 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 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.

New York
John E. Puchalla
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
John Diaz
MD - Corporate Finance
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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

Moody's rates Univision's proposed first lien notes B2
No Related Data.
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