Moody's downgrades Televisa on "persistent" high debt

Moody's downgrades Televisa on "persistent" high debt

Corporate & Sovereign Strategy Credit Ratings Moody's Investors Service Bonds Debt Fixed Income Mexico Capital Markets

Moody's said it downgraded Mexican mass media company Televisa by one notch to Baa2 from Baa1 due to "persistent high leverage" but improved the outlook to stable from negative. The rating agency based the downgrade on expectations that Televisa will record gross debt around three times EBITDA through 2022 as it focuses on the more capital-intensive Sky and cable businesses in Mexico after it completes a planned merger with Univision. Televisa's investment-grade credit is still well supported, a

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