S&P affirms Televisa

Standard & Poor's said that it affirmed the BBB+ long-term corporate credit rating on Grupo Televisa SAB.

The outlook is stable.

The ratings reflect Televisa's solid financial performance based on its positive free cash-flow generation, high operating margins and adequate liquidity, the agency said. The company's satisfactory business risk profile comes from its strong presence in the Mexican television and media industry.

The relative concentration of operating income in Televisa's television broadcasting unit, the inherent cyclicality of the Mexican television industry and increased competition partially offset the positives, the agency added.

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