Fitch affirms Opsimex

Fitch Ratings said it affirmed Operadora de Sites Mexicanos SA de CV's (Opsimex) long-term foreign- and local-currency issuer default ratings at BBB- and national long-term rating at AA(mex).

The outlook is stable.

The agency also affirmed the company's senior unsecured debt ratings at BBB- and AA(mex), in international and national scale, respectively.

“Opsimex is expected to continue to increase EBITDA generation and to slightly improve its already high EBITDA margin, which has been around 60% during the last two years,” Fitch said in a news release.

“Fitch expects Opsimex's organic EBITDA growth will support gradual deleveraging toward the company's target leverage ratio of 5.0x. Since the spinoff in 2015, the company has continued to increase its number of towers and colocations of tenants.

“As of March 2018, the current ratio of 1.134 tenants per tower offers good growth potential over the medium-term, which could potentially shorten the period for Opsimex to reach its targeted capital structure once more tenants are acquired.”

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