Moody’s raises Univision, notes

Moody's Investors Service said it upgraded the corporate family rating of Univision Communications, Inc. to B2 from B3.

The agency also upgraded the probability of default rating to B2-PD from B3-PD and the 8˝% senior unsecured notes due 2021 to Caa1 from Caa2.

The outlook was changed to stable from positive.

Remaining debt instrument ratings were affirmed.

Moody’s said the upgrade is largely due to the $1,125,000,000 debt reduction from the pending conversion of the Televisa notes to warrants and the agency’s expectation for continued EBITDA growth over the next 12 months.

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