...Ratings Under Pressure: Suppressed cash flow generation in its key Mexican market is challenging America Movil S.A.B. de C.V. (AMX)'s efforts to restore its financial profile, as reflected by its Negative Rating Outlook. The operational outlook remains tough in Mexico, which is expected to weaken consolidated EBITDA growth in the near term. The company's continued commitment to deleveraging, mainly through a disciplined approach to shareholder returns, will be essential to achieve any meaningful leverage reduction over the medium term. Mexican Margin Recovery Unlikely: Fitch Ratings does not foresee any meaningful recovery in AMX's 2017¡2018 EBITDA generation in Mexico due to intense competition. The competitive landscape is unlikely to ease given AMX's competitor's ambitious investment target to improve its market position. AMX's EBITDA margin in Mexico is forecast to trend down toward 30% in 2017 from 40% in 2015. Fitch does not expect any favorable regulatory change for AMX given its...
