Moody's rates America Movil debt A2/Aaa.mx

Moody's de Mexico said it assigned A2 global local currency and Aaa.mx national scale ratings to America Movil SAB de CV's proposed issuance of up to Ps. 15 billion in debt securities.

The notes will be senior unsecured debt obligations of America Movil and will be due in five years.

Proceeds from the notes will be used for corporate purposes, including debt refinancing. The assigned A2 rating was placed under review for downgrade, in line with America Movil's A2 rating that was placed under review for downgrade on Aug. 12 following its announced tender offer for the outstanding shares of Koninklijke KPN NV.

All other ratings remain unchanged.

Moody's said America Movil's ratings are supported by the company's status as Mexico's largest telecom operator with market shares of about 70% on wireless and wireline subscriber bases; its number 1 position as regional mobile telecom service provider in Latin America; its number 8 position in Moody's global rated telecom universe in terms of revenues; its strong operating cash flow of over $15 billion in the last 12 months ended in June 30; and its adequate credit metrics.

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