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Bond Market News
Univision Downgraded to B2 by Moody’s
April 30, 2025
Univision was downgraded by a notch to B2 from B1 by Moody’s. The downgrade reflects governance concerns linked to the company’s high financial leverage, with lower-than-expected EBITDA and increased debt levels. At the end of 2024, the company’s debt-to-EBITDA ratio was at 6.4x, close to the 6.5x ratio at end-2023. Moody’s expects leverage to remain high due to slow deleveraging in a challenging economic environment. This is compounded by slower growth forecasts for the US and Mexico. The company is pursuing strategic priorities aimed at improving performance, but ongoing issues such as subscription revenue declines, lost distribution partners, and weak TV ad growth in the US will continue to affect future profitability, added the rating agency.
Its dollar bonds traded weaker with its 4.5% 2029s down at 87, yielding 8.39%.
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