Creditflux Newsletter

Fitch yesterday upgraded its ratings on Mexican telecoms companies America Movil and Telmex from A- to A. The upgrade for America Movil has been driven by its diversified fixed and wireless operations across Latin America, multiple service platforms, large scale, strong free cash flow, ample financial flexibility, and a record of maintaining a sound financial and liquidity profile, says Fitch.

Telmex has been upgraded as Fitch rates the linkage between it and America Movil as being strong within the corporate group structure.

America Movil has around $11.8 billion in senior notes affected by the upgrade, while Telmex has $1.3 billion in notes and MXN4.5 billion ($379 million) in senior unsecured notes affected.