World: Fitch Rates Univision's Sr. Unsecured Notes 'CCC/RR6'; Outlook Stable.

Section: Rating - Fitch Ratings has assigned a 'CCC/RR6' rating to Univision Communications' (Univision) 10-year senior unsecured note offering. Fitch currently has a 'B' Issuer Default Rating (IDR) for Univision. The Rating Outlook is Stable.

Fitch expects the proceeds of the issuance will be used to fund the recently announced tender of up to $460 million of the 9.75%/10.50% Senior paid-in-kind (PIK) toggle notes due 2015. Pro forma for the tender, there will be approximately $1.3 billion of 2015 PIK notes remaining.

This issuance and tender is another in a series of transactions that the company has undertaken in the wake of the extension of its Program License Agreement PLA with Grupo Televisa to 2025 from 2017. The PLA extension strengthened Univision's future operating prospects, providing improved access to the …