Post by salmasalma on Feb 27, 2024 1:36:31 GMT -5
Mexico City — Grupo Televisa plans to create Grupo Ollamani, a new public company with the assets of Club América and other businesses, will not reduce the debt of the company chaired by Emilio Azcárraga Jean, rating agency Fitch Ratings said.
The spin-off of these assets, which are currently part of Televisa's Other Businesses division, could contribute to the company reducing its consolidated income by 7.4% in 2024, the rating agency estimated in a note issued within the framework of the fall. company credit.
Fitch does not expect any debt Namibia WhatsApp Number reduction due to this transaction," the agency wrote in its note.Fitch's expectation is that by 2024 Televisa's gross leverage will increase to 4.0x and net leverage to 2.6x, considering the spin-off of its Other Business segment.Televisa plans the debut of the new company on the Mexican Stock Exchange on February 20, under the ticker symbol ÁGUILAS.
Televisa executives anticipated that Ollamani - which in Nahuatl means ball player with his hands - will seek the means and resources to shore up Televisa's sports heritage, something key for the World Cup to be held in Mexico, United States. United States and Canada in 2026.
Televisa receives credit rating reduction from Fitch RatingsFitch reduced Grupo Televisa's long-term local and foreign currency ratings from 'BBB+' to 'BBB', from the second-to-last investment grade level. It also changed its outlook from Stable to Negative.“The downgrade reflects the decline in revenue and EBITDA generation in 2023, caused by increased competition in Mexico, which has resulted in leverage that exceeds the sensitivity of the previous downgrade of 3.5x gross debt to EBITDA,” he wrote. Fitch Ratings, in a note.
Fitch's decision follows one made in November by S&P Global Ratings that also reduced Grupo Televisa's rating, due to the expectation of debt levels greater than 2x, amid highly competitive conditions in the telecommunications market.Fitch left Televisa's long-term national rating unchanged at AAA(mex), first place within the investment grade.
Telecommunications operators such as Izzi from Televisa, Megacable, Totalplay from Grupo Salinas, have deployed investments in recent years to expand their businesses territorially, in a market led by Telmex of the Slim family.The change in Televisa's rating occurs a day after Fitch granted an AAA(mex) rating to the stock certificates for up to P$8,000 million that Megacable plans to issue. At the end of 2022, Televisa intended to merge the operations of Megacable, a proposal that was rejected by the company based in the state of Jalisco.
The spin-off of these assets, which are currently part of Televisa's Other Businesses division, could contribute to the company reducing its consolidated income by 7.4% in 2024, the rating agency estimated in a note issued within the framework of the fall. company credit.
Fitch does not expect any debt Namibia WhatsApp Number reduction due to this transaction," the agency wrote in its note.Fitch's expectation is that by 2024 Televisa's gross leverage will increase to 4.0x and net leverage to 2.6x, considering the spin-off of its Other Business segment.Televisa plans the debut of the new company on the Mexican Stock Exchange on February 20, under the ticker symbol ÁGUILAS.
Televisa executives anticipated that Ollamani - which in Nahuatl means ball player with his hands - will seek the means and resources to shore up Televisa's sports heritage, something key for the World Cup to be held in Mexico, United States. United States and Canada in 2026.
Televisa receives credit rating reduction from Fitch RatingsFitch reduced Grupo Televisa's long-term local and foreign currency ratings from 'BBB+' to 'BBB', from the second-to-last investment grade level. It also changed its outlook from Stable to Negative.“The downgrade reflects the decline in revenue and EBITDA generation in 2023, caused by increased competition in Mexico, which has resulted in leverage that exceeds the sensitivity of the previous downgrade of 3.5x gross debt to EBITDA,” he wrote. Fitch Ratings, in a note.
Fitch's decision follows one made in November by S&P Global Ratings that also reduced Grupo Televisa's rating, due to the expectation of debt levels greater than 2x, amid highly competitive conditions in the telecommunications market.Fitch left Televisa's long-term national rating unchanged at AAA(mex), first place within the investment grade.
Telecommunications operators such as Izzi from Televisa, Megacable, Totalplay from Grupo Salinas, have deployed investments in recent years to expand their businesses territorially, in a market led by Telmex of the Slim family.The change in Televisa's rating occurs a day after Fitch granted an AAA(mex) rating to the stock certificates for up to P$8,000 million that Megacable plans to issue. At the end of 2022, Televisa intended to merge the operations of Megacable, a proposal that was rejected by the company based in the state of Jalisco.