Moody's gives America Movil debt A2/Aaa.mx

Moody's de Mexico said it assigned A2 global and Aaa.mx national scale ratings to America Movil SAB de CV's proposed issuance of up to Ps. 25 billion in combined debt securities.

The new issuances will be for Ps. 10 billion and Ps. 15 billion under the program launched on Nov. 22, 2012 and are senior unsecured debt obligations of America Movil maturing in 2019 and 2024, respectively.

Proceeds will be used for corporate purposes, including debt refinancing.

The outlook is stable.

Moody's said the ratings are supported by the company's status as Mexico's largest telecom operator with market shares of approximately 70% on wireless and wireline subscriber bases; its No. 1 position as a regional mobile telecom service provider in Latin America; its No. 8 position in Moody's global rated telecom universe in terms of revenues; its strong operating cash flow of over $15 billion in LTM March 2014; and its relatively conservative financial policies.

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