S&P rates America Movil notes BBB-

Standard & Poor's said it assigned its BBB- rating to América Móvil SA de CV's $500 million senior notes due 2015.

S&P also affirmed its BBB-/stable/-- foreign currency corporate credit rating, which reflects the foreign currency sovereign rating of the United Mexican States, and its BBB+/stable/-- local currency corporate credit rating on the company. S&P also affirmed the mxAAA and mxA-1+ Mexican scale ratings assigned to America Movil.

Proceeds from the issuance will be used to finance capital expenditures.

S&P said the ratings on America Movil also consider its significant presence in Mexico, where its cellular subsidiary Radiomovil Dipsa SA de CV (known under its trademark Telcel) generated about 54% of America Movil's revenues during the 12 months ended September 2004, and contributed 69% of its EBITDA (compared with 63% and 70%, respectively, during 2003).

On the other hand, the ratings on America Movil also consider the relatively short history of the company, the added business risk exposure to the Brazilian economy, the effect that further acquisitions may have on its balance sheet, and the increased competition in its two main markets, Mexico and Brazil, S&P said.

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