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Fitch upgrades Liberty Puerto Rico’s credit rating, as it launches co-branding campaign

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Liberty Puerto Rico recently got a boost from Fitch Ratings, which upgraded its revolving credit and other financial tools, while affirming its long-term outlook, News is my Business confirmed.

The company, which over the weekend entered the co-branding stage of its integration process with AT&T Mobility Puerto Rico, which it acquired last year.

As part of this phase, AT&T stores, mobile services communications and advertising will feature Liberty’s logo alongside AT&T’s. Liberty also unveils its first sales and service center offering its mobile, video, broadband internet and digital telephony services under one roof.

Soon, the company will also announce a special offer for customers subscribed to both fixed and mobile services, it confirmed.

“By joining AT&T Mobility of Puerto Rico with Liberty Puerto Rico, we can offer more benefits, more services, and more convenience to our customers,” said Naji Khoury, CEO of Liberty Puerto Rico.

“We believe in the power of unity and we offer the necessary technology to bring people and businesses together. Together, we are stronger, more resilient, and we create a larger impact on the markets we serve through our products and services and as an important player in the socioeconomic landscape,” he said.

To mark the fusion of the two companies, Liberty is introducing its first joint services sales and service center on the first floor of the Liberty Tower, the company’s headquarters in Hato Rey.

Customers will be able to shop AT&T’s mobile equipment and offers, along with Liberty’s television, internet and telephony services, under the same roof. The concept will be replicated in other Liberty stores, as well as in all AT&T stores in the following months as the integration progresses, Khoury confirmed.

Liberty Business, the company’s commercial division, has already integrated the mobile services team to its business solutions unit to offer complete business solutions to its customers.

As for Fitch, in a report, it detailed its analysis, stating that it upgraded Liberty’s revolving credit facility, loan financing LLC’s 2028 term loan, and its senior secured financing designated activity 2027 and 2029 notes to ‘BB+’/’RR1’ from ‘BB’/’RR3’. Fitch also affirmed Liberty’s long-term issuer default rating (IDR) at ‘BB-‘/Outlook Stable.

Furthermore, the ratings agency removed the “Under Criteria Observation” (UCO) designation from the instrument ratings and IDR.

“[Liberty Puerto Rico’s ratings continue to reflect the company’s strong business position in pay-TV and broadband services as well as a strong post-merger mobile offering in Puerto Rico. The Stable Outlook reflects Fitch’s expectation that the company will be managed with moderately high amounts of leverage, with excess cash up-streamed to parent Liberty Latin America,” Fitch noted.

As part of the co-branding effort, Liberty unveiled a new advertising campaign under the “Juntos, más” slogan that includes both companies’ logos. The goal is to showcase how its integrated services give customers more and better connections.

The new advertising campaign marks the newest phase of the integration of Liberty Puerto Rico and AT&T.

Author Details
Author Details
Business reporter with 27 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other segments of Puerto Rico’s economy.
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