Overview

• Moody’s cut Televisa’s long-term issuer and senior unsecured debt ratings to Ba1 from Baa3, removing the company from investment grade.
• Revenue-generating units declined 6.3% year-on-year through March 2025, including a 1.2% drop in cable broadband subscribers.
• The credit agency pointed to high adjusted gross leverage forecast to stay above four times EBITDA through 2026 as a key risk.
• Governance concerns tied to the U.S. Department of Justice’s FIFA Gate investigation into Emilio Azcárraga Jean contributed to the maintained negative outlook.
• Televisa’s strategy to reduce debt in 2025 is seen as insufficient to offset structural revenue erosion despite its 57% pay-TV and 21% broadband market shares in Mexico.