S&P Gives Telmex Program AAA

S&P Gives Telmex Program AAA

Mexico

S&P has rated AAA on a local scale the MXP10bn 5-year local bond shelf from Telmex Internacional, which it says will be used primarily to refinance debt. The agency also affirms the issuer’s BBB+ global rating with a stable outlook, noting ample cashflow and a manageable maturity schedule. S&P says Telmex uses forwards and swaps to minimize currency and interest rate risk, but says the company has not reported any related negative impact. Inbursa is managing the program. After being spun off in

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