...Largest Market Position: America Movil S.A.B. de C.V. (AMX) is the largest telecom operator in Latin America, with well-established multiple service platforms and network infrastructure that enable strong service quality and brand recognition to support continued subscriber growth. The company's operation is highly geographically diversified, resulting in a stable financial profile and cash flow generation, despite increasing regulatory scrutiny in its main market, Mexico. Stable Medium-Term Leverage: The ratings reflect AMX's commitment to reduce its net leverage to below 1.5x, which Fitch Ratings believes is achievable over the medium term, given the company's solid FCF generation. AMX is expected to keep financial discipline with respect to cash flow usage in order to achieve its financial target in the absence of any sizable acquisitions or significant increase in shareholder distributions. During the LTM ended Sept. 30, 2014, AMX's net debt/EBITDA was 1.6x, compared with 1.7x at the...
