Fitch gives America Movil notes A/AAA(mex)

Fitch Ratings said it assigned an international scale rating of A and a national scale rating of AAA(mex) to America Movil, SAB de CV's Ps. 10 billion senior notes due 2019 and Ps. 7.5 billion senior notes due 2024.

Proceeds are expected to be used for general corporate uses, including debt repayment.

Fitch said the ratings reflect America Movil’s diversified fixed and wireless operations across Latin America, multiple service platforms, large-scale, strong financial profile backed by stable free cash flow, ample financial flexibility, and solid liquidity. The ratings take into account Fitch's expectation that America Movil’s net leverage will remain within the company's long-term objectives and should end 2014 close to 1.5 times.

Ratings are tempered by increasing competitive pressures, especially in Mexico due to the regulatory reform, as well as price pressures in voice services, the agency said.

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