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S&P ups America Movil notes to BBB
Standard & Poor's said it raised the long-term foreign currency corporate credit rating on América Móvil SA de CV to BBB from BBB-, following the same action taken on the foreign currency sovereign rating on the United Mexican States.
S&P also raised the foreign currency senior unsecured notes rating to BBB from BBB- and affirmed its BBB+ local currency corporate credit rating and the mxAAA and mxA-1+ Mexican scale ratings. The outlook is stable.
The ratings reflect America Movil's significant presence in Mexico, where its cellular subsidiary, Radiomovil Dipsa SA de CV generated about 54% of America Movil's revenues during the 12 months ended September 2004 and contributed 69% of its EBITDA, according to S&P.
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