Moody's may up Cablemás

Moody's Investors Service said it has placed Cablemás, SA de CV's B1 corporate family rating under review for possible upgrade pending regulatory approval for Televisa (Baa1, stable) to acquire a 49% equity stake of Cablemás.

The following issues were affected by Moody's action: $175 million of 9 3/8% senior unsecured global notes due 2015.

"The rating review was prompted by Moody's expectation that Televisa will shortly become an important shareholder of Cablemás with a 49% or higher stake at its holding company, Alvafig," said Moody's senior analyst Nymia Almeida.

According to Televisa, it has met the conditions imposed by the Mexican anti-trust body, Cofeco, to receive authorization for the acquisition of Cablemás. Thus, Televisa may soon convert its loan to Cablemás's holding company into equity.

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