Good news for Mexico
Since the crisis erupted in the market for subprime mortgages, rating agencies have been in the eye of the storm. And no lack of reasons for this. Investors blamed for failing to assess properly the risks they were exposed, prompting bet billions of dollars in securities rated with the best credit rating.
I do not know if rating agencies have learned their lesson (actually, I think not, since it is not the first time they are wrong in this way), but we do know is who are tired of being singled out by the world as partly responsible for this situation. That's why we are prone to overreact to the downside in the ratings without considering the consequences of that decision.
For this reason, he was easy to think that Mexico's credit rating was in jeopardy, given the close relationship of the Mexican economy with the U.S., which is sinking ever deeper into recession (yesterday again disappoint the home sales data used in January).
Fortunately for Mexico, it appears that the greater sensitivity of the rating will not affect your credit rating. At least this is what was said from both Moody's, and from Fitch and S \u0026 P.
First, to Moody's director, Alberto Jones Tamayo, the prospect of Mexico's rating is stable, regardless of the slowdown or recession in the U.S., given the Mexican government's ability to meet its obligations. Same as Roberto Guerra Vela, director of Fitch: "The sovereign rating is solid and we see no problems in the medium term."
While the director of S \u0026 P, Victor Herrera, also issued reassurances about Mexican credit rating, but warned it is subject to the commitment to maintain sound public finances.
That rating agencies are considering not to lower the credit rating of Mexico when the economy which is most closely connected is on the brink of recession, is an encouraging sign and bodes well for foreign investors.
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When you talk about Mexico, it is inevitable to think about Carlos Slim, currently the world's richest man. One company which Slim controls (through the Grupo Carso) is Mexican Telmex (NYSE: TMX, BMV: TELMEX; NASDAQ: TFONY; LATIBEX: XTMXL), the largest telecommunications company in South America that was founded in 1947 and privatized in 1990, is in a process of change that will allow you to gain efficiencies and be a leader in new technologies.
Telmex is the leading telecommunications company in Latin America, with operations in Mexico, Argentina, Brazil, Colombia, Chile, Peru and the United States. The company offers a wide range of telecommunications-related services including an extensive network include voice, data and video service soon through digital convergence
On 21 December 2007, the shareholder meeting approved a strategy to reorganize the corporate structure of Telmex, into two independent companies by separating its cable TV operators, fixed telephony and internet access in Argentina, Brazil, Chile, Colombia, Ecuador and Peru as well as the company Yellow Pages and create a new company called Telmex Internacional "to be negotiated in the stock both Mexico and the U.S., where he is currently listed securities of Telmex.
This reorganization will allow Telmex to give each company a more efficient operation and an appropriate scale in Mexico and abroad, so that each operates autonomously in its administrative, commercial and financial. Managers hoping to improve the competitive position of each of the companies and further sizing operation TELMEX in the Mexican telecommunications market, making clear the difference of its operations in the markets for medium and high income, where there is competition , and low-income and rural areas, where there is no competition.
The restructuring undertaken by Telmex, in which also reduce its investment program and its work force, is the natural response to an environment in which competition no longer will be in the traditional telephony segment in which the company has great advantage, but converged services. Telmex is expected to obtain authorization to provide television services and to become so, in a triple play operator.
We meet again tomorrow,
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