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S&P downgrades Grupo Televisa (TV) ratings to BBB- with negative outlook

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Grupo Televisa reported that S&P Global Ratings downgraded its issuer credit and issue-level ratings to 'BBB-' from 'BBB'. S&P Global’s Mexican national scale issuer and issue-level ratings were also lowered to 'mxAA+' from 'mxAAA', and the outlook is negative. Televisa highlights its position as a major Mexican telecommunications and media company, with significant cable, satellite pay TV, broadband operations and a large ownership stake in TelevisaUnivision.

Positive

  • None.

Negative

  • S&P Global Ratings downgrade and negative outlook: Issuer and issue-level ratings cut to 'BBB-' from 'BBB', and Mexican national scale ratings to 'mxAA+' from 'mxAAA', with a negative outlook that signals increased credit risk and potential for further rating pressure.

Insights

S&P’s downgrade to BBB- with a negative outlook increases Televisa’s credit risk profile.

S&P Global Ratings lowered Televisa’s issuer and issue-level ratings to 'BBB-' from 'BBB', and its Mexican national scale ratings to 'mxAA+' from 'mxAAA'. The outlook is described as negative.

This places Televisa at the lower end of the investment-grade spectrum on S&P’s global scale, while the negative outlook signals potential for further pressure if conditions do not improve. Such rating actions can influence borrowing costs and access to capital markets.

Televisa remains a large telecommunications and media player in Mexico with diversified cable, satellite and content interests, including its stake in TelevisaUnivision. Future disclosures from S&P and Televisa will indicate whether operating performance or leverage trends support rating stabilization or lead to additional changes.

Global issuer rating BBB- S&P Global Ratings issuer and issue-level rating after downgrade
Prior global issuer rating BBB S&P Global Ratings issuer and issue-level rating before downgrade
Mexican national scale rating mxAA+ S&P National Ratings issuer and issue-level rating after downgrade
Prior Mexican national scale rating mxAAA S&P National Ratings issuer and issue-level rating before downgrade
Rating outlook Negative S&P outlook on Televisa’s ratings following the downgrade
issuer credit financial
"S&P Global Ratings downgraded its issuer credit and issue-level ratings on the Company to 'BBB-' from 'BBB'."
issue-level ratings financial
"S&P Global Ratings downgraded its issuer credit and issue-level ratings on the Company to 'BBB-' from 'BBB'."
Mexican national scale financial
"S&P National Ratings downgraded its Mexican national scale issuer credit and issue-level ratings to 'mxAA+' from 'mxAAA' on Televisa."
negative outlook financial
"Additionally, S&P National Ratings downgraded its Mexican national scale issuer credit and issue-level ratings ... The outlook is negative."
forward-looking statements regulatory
"This press release contains forward-looking statements regarding the Company's results and prospects."
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Annual Report on Form 20-F regulatory
"factors described in "Item 3. Key Information – Forward-Looking Statements" in the Company's Annual Report on Form 20-F"
An annual report on Form 20-F is a standardized filing that foreign companies submit to the U.S. securities regulator to disclose their financial results, business operations, risks, and management’s discussion of performance. It matters to investors because it provides a complete, audited snapshot—like a company’s financial report card and shareholder letter combined—used to assess transparency, compare companies, and judge whether the stock’s price matches underlying business strengths and risks.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What rating change did S&P Global make on Grupo Televisa (TV)?
S&P Global Ratings downgraded Televisa’s issuer and issue-level ratings to 'BBB-' from 'BBB'. It also cut Mexican national scale ratings to 'mxAA+' from 'mxAAA', and assigned a negative outlook, indicating increased perceived credit risk.

What is the new S&P global credit rating for Grupo Televisa (TV)?
Televisa’s new S&P Global issuer and issue-level ratings are 'BBB-'. This is one notch below its previous 'BBB' rating and sits at the lower end of the investment-grade scale, potentially affecting future funding terms and investor perception of credit quality.

How did S&P change Televisa’s Mexican national scale ratings?
S&P National Ratings downgraded Televisa’s Mexican national scale issuer and issue-level ratings to 'mxAA+' from 'mxAAA'. These local-scale ratings reflect relative credit strength within Mexico and the downgrade signals weaker standing compared with domestic peers, alongside the negative outlook.

What outlook did S&P assign to Grupo Televisa’s ratings?
S&P assigned a negative outlook to Televisa’s ratings. A negative outlook means the agency currently sees greater likelihood of further rating pressure than improvement, depending on future business, financial, and operating conditions as evaluated in subsequent reviews.

What businesses does Grupo Televisa (TV) operate according to this report?
Televisa operates major cable networks, a direct-to-home satellite pay TV system, and provides broadband, mobile, and voice services in Mexico. It also holds broadcasting concessions and is the largest shareholder of TelevisaUnivision, which distributes Spanish-language content globally.

Does Grupo Televisa provide any forward-looking statement cautions in this report?
Yes. Televisa includes a forward-looking statements disclaimer, noting actual results may differ materially from projections. It refers readers to risk factors in Item 3 of its Form 20-F and states it assumes no obligation to update forward-looking statements after their date.



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 6-K
 
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULES 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2026
Commission File Number: 001-12610
 
GRUPO TELEVISA, S.A.B.
(Translation of registrant’s name into English)
 
Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico City, Mexico
(Address of principal executive offices)
 
(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form 20-F ☒ Form 40-F ☐ 


Investor Relations
PRESS RELEASE


Televisa informs about rating action from S&P Global Ratings


Mexico City, May 8, 2026 - Grupo Televisa, S.A.B. ("Televisa" or the "Company"; NYSE:TV; BMV:TLEVISA CPO) announced today that S&P Global Ratings downgraded its issuer credit and issue-level  ratings  on  the  Company  to  'BBB-'  from  'BBB'.  Additionally,  S&P  National Ratings downgraded  its  Mexican  national  scale  issuer  credit  and  issue-level  ratings  to  'mxAA+' from 'mxAAA' on Televisa. The outlook is negative.




About Televisa
Grupo Televisa S.A.B. ("Televisa") is a major telecommunications company that owns and operates one of the most significant cable network groups as well as a leading direct-to-home satellite pay television system in Mexico. Televisa's cable  networks  offer  integrated  services,  including  high-speed  data,  video,  mobile,  and  voice  to  residential  and commercial customers as well as telecommunications managed services to domestic and international enterprises. Televisa also offers pay television and broadband services through its direct-to-home satellite system. Televisa holds a number of  concessions by  the  Mexican  government  that  authorizes it  to  broadcast  programming over  television stations for  the  signals  of  TelevisaUnivision,  Inc.  ("TelevisaUnivision"),  and Televisa's  cable  networks  and satellite system. In addition, Televisa is the largest shareholder of TelevisaUnivision, a leading media company producing, creating, and distributing Spanish-speaking content through several broadcast channels in Mexico, the U.S. and, over 50 countries through television networks, cable operators, and over-the-top or OTT services.


Disclaimer

This press release contains forward-looking statements regarding the Company's results and prospects. Actual results could differ materially from these statements. The forward-looking statements in this press release should be read in conjunction with the factors described in "Item 3. Key Information – Forward-Looking Statements" in the Company's Annual Report on Form 20-F, which, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this press release and in oral statements made by authorized officers of the Company. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.






Contact Information
Investor Relations
www.televisair.com.mx
Tel: (52 55) 5261 2445
Rodrigo Villanueva, VP, Head of Investor Relations / rvillanuevab@televisa.com.mx
Andrés Audiffred, Investor Relations Director / aaudiffreda@televisa.com.mx
Nicolás Espinoza, Investor Relations Manager / nespinozam@televisa.com.mx
Media Relations
Tel: (52 55) 5224 6420
Rubén Acosta, Communications General Director / racostamo@televisaunivision.com
Florencia López de Rodas, Communications and Media Director / flopezd@televisa.com.mx




SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
   
GRUPO TELEVISA, S.A.B.
  
   
(Registrant)
     
Date: May 11, 2026
  
By:
  
/s/ Luis Alejandro Bustos Olivares
   
Name:
  
Luis Alejandro Bustos Olivares
   
Title:
  
Legal Vice President and General Counsel







Source: View Original Filing on SEC EDGAR