...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 and competitive pressures in its main market, Mexico. Medium-Term Leverage Improvement: AMX is expected to keep financial discipline with respect to cash flow usage in order to achieve its medium-term net leverage target of 1.5x in the absence of any sizable acquisitions or shareholder distributions. As of Sept. 30, 2015, AMX's net leverage was 2.1x, leaving limited headroom at the current rating level, mainly due to local currency depreciation and high shareholder distributions. Fitch Ratings forecasts this ratio to gradually recover over the medium term,...
