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AMERICAN TOWER CORPORATION (REIT)

(AMT)
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American Tower feud 'not positive' for Mexico's TV Azteca, Fitch says

08/09/2018 | 06:17pm EDT
FILE PHOTO: The logo of broadcaster TV Azteca is seen outside its headquarters in Mexico City

MEXICO CITY (Reuters) - Credit ratings agency Fitch voiced concerns on Thursday that TV Azteca's legal battle with American Tower Corp was "not positive or favorable" for the Mexican broadcaster's credit profile, two days after Reuters reported the lawsuit.

MATC Infraestructura, a unit of cell tower owner and operator American Tower, sued TV Azteca for nearly $97 million in a New York state court, saying the company has defaulted on a loan.

In an interview, Alberto Moreno, a senior director at Fitch, said the agency will likely evaluate what the case means for TV Azteca's credit rating.

"Our sense is obviously this is not favorable or positive for the credit profile of the company," he said. "We will continue monitoring."

A spokesman for TV Azteca declined to comment.

The broadcaster did not confirm or deny having defaulted on the loan from American Tower in court papers, but argued it had not been served properly.

In April, Fitch upgraded TV Azteca's outlook to "positive" from "stable," noting that the company had reduced its net debt by 23 percent in 2017.

The market has viewed the dispute in New York as part of an ongoing negotiation between TV Azteca and American Tower, Moreno said.

"They (TV Azteca) have enough liquidity and enough access to financing in order to cover their obligations," he said.

(Reporting by Julia Love; Editing by Phil Berlowitz)

By Julia Love


ę Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
AMERICAN TOWER CORPORATION (REIT) -0.91% 268.35 Delayed Quote.19.55%
TV AZTECA, S.A.B. DE C.V. 3.80% 0.546 End-of-day quote.26.68%
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Financials (USD)
Sales 2021 8 774 M - -
Net income 2021 2 332 M - -
Net Debt 2021 29 571 M - -
P/E ratio 2021 52,5x
Yield 2021 1,94%
Capitalization 122 B 122 B -
EV / Sales 2021 17,3x
EV / Sales 2022 16,5x
Nbr of Employees 5 618
Free-Float 97,3%
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Technical analysis trends AMERICAN TOWER CORPORATION (REIT)
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 24
Average target price 278,86 $
Last Close Price 268,35 $
Spread / Highest target 21,1%
Spread / Average Target 3,92%
Spread / Lowest Target -28,5%
EPS Revisions
Managers and Directors
NameTitle
Thomas A. Bartlett President, Chief Executive Officer & Director
Rodney M. Smith Chief Financial Officer, Treasurer & Executive VP
Pamela D. A. Reeve Non-Executive Chairman
Edmund DiSanto Secretary, Chief Administrative Officer & EVP
Raymond P. Dolan Independent Director
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