MEXICO CITY (Reuters) - Mexican telecommunications giant America Movil (NYSE:AMX), controlled by the family of tycoon Carlos Slim, announced the launch of a foreign debt public offering of up to 20 billion pesos ($1.17 billion), the company said in a statement on Monday.
The issuance will take place on July 6, part of a five-year overall 130 billion peso debt program, according to the company.
Fitch Ratings assigned an international scale rating of A- and a national scale rating of AAA(mex) to America Movil's senior unsecured notes due 2031, the agency said in a separate statement.
Fitch expects proceeds from the offering will be used to refinance short-term debt as well as other corporate purposes, including environmental and social projects.
($1 = 17.1339 Mexican pesos)