S&P: Opsimex unchanged after add-on

Standard & Poor’s said its BBB- global scale local-currency and mxAA+ national scale ratings on Operadora de Sites Mexicanos, SA de CV (Opsimex).

The rating on the existing OSM 15 fixed-rate notes is unchanged after a 7 billion in Mexican pesos after the add-on.

Opsimex will use the proceeds for refinancing, asset and capital investments and working capital needs, S&P said.

The ratings reflect the leading position with a 43% share in the Mexican tower market, its strategically located assets across Mexico and high barriers to entry into the market, which it operates, S&P said.

The agency said it reflects an expectation that the company’s debt-to-EBITDA will remain high during the next two years.

But, S&P said it believes this ratio will drop to 5.4x by the end of 2016 and to 4.3x by 2017.

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