November 21, 2012 / 8:00 PM / 5 years ago

TEXT - S&P rates America Movil S.A.B. de C.V.

Nov 21 - Standard & Poor's Ratings Services said today that it assigned its
'A-' global scale and 'mxAAA' national scale ratings to Mexican wireless
telecommunications company America Movil S.A.B. de C.V.'s (AMX's; A-/Stable/--) 
      Mexican peso (MXN) 20 billion senior unsecured notes due 2022. AMX plans
to use the proceeds of the notes for general corporate purposes. 

Our issuer credit rating on AMX reflects our view of the company's "strong" 
business risk profile and "modest" financial risk profile. Our assessment is 
based on the company's leading position in the Latin American telecom 
industry, its solid profitability, and our expectation that it will maintain 
robust cash flow generation despite intense competition in some of its 
markets. Partly offsetting these factors are the company's cash flow 
generation that is somewhat concentrated in Mexico (foreign currency rating 
BBB/Stable/A-2, local currency rating A-/Stable/A-2), the more stringent 
regulation in the markets where it operates, and the continuing threat to its 
wireline business from wireless substitution and cable.

Several elements mitigate the structural subordination of the notes, in our 
view. The company's extensive geographic diversity makes it unlikely that the 
company would default simultaneously in all of the countries in which it 
operates. Also, AMX's strong asset base, the concentration of debt in a small 
number of subsidiaries, and the fact that most of the company's guaranteed 
debt will mature over six years lead us to believe that the guaranteed and 
unguaranteed creditors will obtain similar recoveries in an event of default. 
We expect that AMX's future debt issuances will be unguaranteed.
     -- Criteria Methodology: Business Risk/Financial Risk Matrix Expanded, 
Sept., 18, 2012
     -- Liquidity Descriptors For Global Corporate Issuers, Sept. 28, 2011
     -- 2008 Corporate Criteria: Analytical Methodology, April 15, 2008

America Movil S.A.B. de C.V.
 Global Scale Ratings                 A-/Stable/--
 National Scale Rating                MxAAA/Stable/--

MXN20 billion senior unsecured notes due 2022
  Global Scale Rating                 A-
  National Scale Rating               MxAAA
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