Televisa Convert Lifts Cablemas

S&P has upgraded Mexican cable TV operator Cablemas to BB (stable) from BB minus after conversion by Grupo Televisa of long-term convertible notes into 99.99% of the equity of Alvafig. The latter holds 49% of Cablemas’ voting equity. Televisa has further purchased an additional $100m in long-term notes issued by Alvafig, after which it holds a 49% voting equity stake in Cablemas and 54.6% of Cablemas’ capital stock, says S&P. It adds that Cablemas is a strategic asset for Televisa and will expand its cable services coverage.