S&P affirms Grupo Televisa

Standard & Poor's said it affirmed its BBB local and foreign currency corporate credit ratings on Grupo Televisa SA.

The outlook remains stable.

The agency also affirmed the BBB rating of Televisa's 6.625% senior notes due 2025, which increased by $200 million for an outstanding amount of $600 million.

The proceeds will be used for refinancing existing bank debt.

S&P said the rating reflects Televisa's prudent financial profile, effective cost and expense contention and the company's continued leadership.

However, those factors are offset by the continued operating income concentration in the TV broadcasting unit, the inherent cyclicality of the industry and the possibility of branching into cash-demanding, high-growth investments to allocate its free operating cash flow, S&P said.

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