TEXT-S&P rtg on Univision Communications' sr notes remains 'B+'

Sept. 14 - Standard & Poor's Ratings Services said today that its ratings on New York City-based Univision Communication Inc.'s senior secured notes due 2022 remain unchanged following the company's $300 million add-on, bringing the aggregate amount of the issue to $925 million. Our issue-level rating on the notes remains at 'B+' (one notch higher than the 'B' corporate credit rating on the company) and the recovery rating remains at '2', indicating our expectation of substantial (70% to 90%) recovery for noteholders in the event of a payment default. The company intends to use proceeds to repay its non-extended and extended senior secured term loans on a pro rata basis. Although the transaction reduces 2014 and 2017 maturities, the company still faces significant refinancing hurdles, with $4.8 billion of debt maturing in 2017. Univision's ability to refinance its 2017 maturities will likely rely on its ability to pay down debt and grow EBITDA over the next five years. Pro forma leverage remains unchanged and extremely high at 12.2x for the 12 months ended June 30, 2012. RELATED CRITERIA AND RESEARCH

-- Use Of CreditWatch And Outlooks, Sept. 14, 2009

-- Criteria Guidelines For Recovery Ratings, Aug. 10, 2009

-- Business Risk/Financial Risk Matrix Expanded, May 27, 2009

-- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008 RATINGS LIST Univision Communication Inc. Corporate credit rating B/Stable/-- Senior secured notes B+ Recovery rating 2 Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column. Primary Credit Analyst: Jeanne L Shoesmith, CFA, Chicago (1) 312-233-7026;

jeanne_shoesmith@standardandpoors.com Secondary Contact: Naveen Sarma, New York (1) 212-438-7833;

naveen_sarma@standardandpoors.com