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Fitch has raised Brazilian media company Globo Comunicação e Participações' local and foreign issuer default ratings (IDRs) to BBB+ from BBB, with a stable outlook, the ratings agency reported.
The agency highlighted Globo's controlled debt profile and said that the rating action shows the company's strong position in the local TV market, as well its strong financial position.
Globo Comunicação e Participações, partially owned by Mexico's Telmex (NYSE: TMX), controls Brazil's leading broadcast television network, Rede Globo. The holding also has a stake in cable TV provider NET Serviços, which offers triple play services.
Go to this link to access Fitch's report, in Portuguese.