News Summary:
On January 20, 2026, Fitch Ratings indicated its use of a Recovery Tool for Total Play Telecomunicaciones S.A.P.I. de C.V. when assigning Recovery Ratings (RRs) and instrument ratings for issuers with Issuer Default Ratings (IDRs) of 'B+' or below. This followed Fitch's upgrade of Total Play's rating on January 16, 2026, citing improved liquidity, lower refinancing needs, and expected positive free cash flow (FCF) over the next two to three years, alongside an expectation for gross leverage to stay below 3.0x over the rating horizon. Previously, on December 17, 2025, Fitch upgraded Total Play's overall rating to 'B' with a Stable Outlook, also raising its Senior Secured Notes rating to 'B' and its Senior Unsecured Notes rating to 'CCC+'. Earlier, on October 29, 2025, Total Play reported Q3 2025 revenues of Ps.11,301 million and EBITDA of Ps.5,099 million. The company's gross profit grew 6% to Ps.9,710 million, with the gross margin expanding three percentage points to 86%, while EBITDA less Capex and interest increased 30% to Ps.1,020 million, marking its highest level since issuing public debt.
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