The rating agency also lowered Televisa’s outlook in terms of long-term national rating to AA+ from AAA, which denotes an expectation of very low risk of default in relation to other issuers or obligations in the same country.
The new Fitch Ratings evaluations occur in a context where Televisa faces challenges to make its telecommunications businesses profitable, as well as an investigation related to the FIFA Gate case.
Since the last two years, Grupo Televisa has undertaken restructuring in the Izzi and Sky companies to improve its financial perspective, however, the changes have not brought the expected results. The Group is currently preparing the merger of both assets to create a new player in fixed services (internet, pay TV and landline telephony) in a market where Telmex has once again gained strength.
Alfonso de Angoitia, co-general director of Televisa, has said that the full integration of Izzi and Sky will allow the Group savings of 400 million pesos.
But analysts previously consulted by this media pointed out that the merger of the assets cannot ensure the success and financial balance of Grupo Televisa because the new player that results from both assets will compete in a complex environment in terms of fixed services and especially with streaming platforms, who have made pay television less relevant.
Another factor that injects uncertainty inside and outside Grupo Televisa is the FIFA Gate investigation. This process involved the departure of Emilio Azcárraga Jean as executive president of Grupo Televisa, despite the fact that last year he reached an agreement to close the case.
Televisa paid $95 million to settle a lawsuit alleging it had bribed FIFA soccer officials to win the rights to four World Cup tournaments, according to a statement issued by the company itself. However, three months ago the investigation was resumed by the American justice system on the eve of the 2026 World Cup, and this time the manager has been forced to cease his management.
Analysts interviewed previously agreed that the FIFA Gate case would not have an immediate ‘blow’, but it would be reflected in the credibility of the companies, resulting in a “lesser appetite” of investors to inject capital into Televisa.
With information from Ana Luisa Gutiérrez
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