Fitch affirms Univision

Fitch Ratings said it has taken the following rating actions on Univision Communications, Inc.: issuer default rating affirmed at B; senior secured affirmed at B+/RR3; and senior unsecured revised to CCC/RR6 from CCC+/RR6.

The outlook is stable.

The ratings and outlook are at the low end of their category, the agency said, adding that the ratings are constrained by a highly leveraged capital structure and a very limited margin of safety that is extremely susceptible to a downturn beyond Fitch's current expectations for this weak advertising environment.

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