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S&P rates América Móvil floaters BBB+
Standard & Poor's said it assigned its BBB+ rating to América Móvil SA de CV's $500 million floating-rate senior notes due June 27, 2008.
S&P said it also affirmed its BBB+ long-term corporate credit rating on the company.
The outlook is stable.
The agency said that proceeds from the issuance will be used to finance general corporate purposes.
The agency noted that the ratings on América Móvil consider its significant presence in Mexico, where its cellular subsidiary, Radiomovil Dipsa SA de CV represented at Sept. 30, 35.7% of the company's consolidated wireless users, about 47.1% of its consolidated revenues for the 12 months ended Sept. 30, and 67.3% of its EBITDA.
On the other hand, the ratings also consider the added business risk exposure to the Brazilian economy, the effect that already-agreed upon and potential acquisitions may have on its cash flow and results and competition that is expected to intensify in its main two markets, Mexico and Brazil, S&P said.
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