U.S.-based Spanish-language multimedia company Univision Communications Inc. has completed its merger with Televisa's media assets. We expect the company's pro forma net S&P Global Ratings-adjusted leverage will decline to the low-6x area in 2022 because of the merger, which is below our previously established 6.5x upgrade threshold. As a result, we raised our issuer credit rating on Univision Communications Inc. to 'B+' from 'B' and removed all our ratings from CreditWatch, where we placed them with positive implications on April 14, 2021. At the same time, we assigned a 'B+' issue-level rating and '3' recovery rating to Univision's $1.05 billion senior secured term loan maturing in 2028 and $1.05 billion senior secured notes due in 2029, the proceeds of which