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Fitch Ratings has assigned a 'BBB+' rating to Grupo Televisa, S.A.B's (Televisa) proposed US$400 million senior unsecured notes due 2040.

Proceeds from the proposed issuance will be used by the company for liability management and general corporate uses.

Fitch currently rates Televisa as follows:
-- Local currency Issuer Default Rating (IDR) 'BBB+';
-- Foreign currency IDR 'BBB+';
-- National scale long-term rating 'AAA(mex)'.

The Rating Outlook is Stable.

Televisa's ratings reflect its strong business profile across operating segments, solid cash flow generation, extended maturity profile and ample liquidity. Televisa's business and credit profile remains strong as the major TV broadcaster in Mexico and the largest Spanish speaking content producer worldwide. Additionally, Televisa holds majority stakes in the largest pay TV providers in Mexico through DTH operator Innova (Sky) and cable operators Cablevision (Mexico City) and Cablemas (more than 49 cities in the country), in addition to its 50% ownership in TVI, which operates in Monterrey.

Televisa's cash flow generation remains strong despite the global economic conditions, supported by its leading market positions in all of its business divisions. In the Television Broadcasting segment Televisa has maintained audience shares over 70% and EBITDA margin for the latest 12 months (LTM) ended in Sept. 30, 2009 of 49%, similar to those registered in 2008 and 2007. The company's management continues to maintain a strict cost and expense control in order to support profitability. Consolidated EBITDA margin for the LTM at September 2009 was 39.5%, similar to 40.5% at year-end 2008, but down from 42.6% in 2007.

Televisa's media business diversification strengthens its credit profile. For the LTM ended at September 2009, Television Broadcasting represented 41% of total sales, compared to 44% in 2008 and 50% in 2007; the DTH and cable/telecomm segments represented 35.1% of total revenue compared to 32.2% and 25.8% in 2008 and 2007, respectively. Televisa's growth strategy will continue to be focused on the Mexican telecommunications industry and on maintaining and expanding its programming and content exports abroad, especially with Univision in the U.S.

Televisa's credit measures remain strong. For the LTM ended Sept. 30, 2009, EBITDA to net interest was 9.3 times (x) compared to 12.8x at year-end 2008, and net debt to EBITDA, including satellite leases, for the same period was 0.2x, from -0.1x at year-end 2008. As of September 2009, Televisa had cash balances of approximately the equivalent of US$2.5 billion and total debt, including satellite leases, of approximately the equivalent of US$2.8 billion. Debt maturities are manageable for Televisa with approximately US$149.3 million coming due in 2009-2011. In Fitch's view, the company's strong cash flow generation in addition to its large cash balances will allow it to finance capex and fund shareholders' distributions, keeping a conservative liquidity position.

Additional information is available at www.fitchratings.com.

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