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Univision Credit Raised to Investment Grade

September 24, 2003|From Bloomberg News

Univision Communications Inc.'s credit ratings were raised to investment grade from junk by Standard & Poor's, which cited the company's dominant role in Spanish-language broadcasting after buying Hispanic Broadcasting Corp.

Ratings for Univision, the largest U.S. Spanish-language television company, were raised one notch to BBB-, the lowest investment-grade rating, from BB+, S&P said. Univision's $3.2-billion purchase of Hispanic Broadcasting, the top Spanish-language radio company, won final approval from regulators Monday.

Univision's purchase of Hispanic Broadcasting will create a company with the top TV station and the No. 1 or No. 2 radio station in the eight leading Latino markets.

Shares of Univision rose 27 cents to $35.20 on the NYSE.

From Bloomberg News

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