Background on Totalplay
Totalplay is one of the four major telecommunications companies in Mexico and has been among the top investors in the industry over the past decade. The company has demonstrated significant growth and expansion, particularly in fixed telecommunications services.
Fitch’s Credit Rating Adjustments
Fitch Ratings recently upgraded Totalplay’s credit ratings, reflecting an improvement in the company’s liquidity position. The adjustments include:
- Totalplay’s long-term foreign and local currency issuer default ratings (IDRs) raised to “B” from “B-.”
- The long-term senior unsecured ratings increased to “B” with a revised Recovery Rating of “RR4” from “B-/RR4.”
- The long-term senior secured ratings also moved up to “B” with a Recovery Rating of “RR4.”
- The long-term senior unsecured ratings were raised to “CCC+/RR6” from “CCC/RR6.”
Reasons for the Upgrade
Fitch highlighted that the improved credit ratings are due to Totalplay’s better liquidity position, supported by lower refinancing needs and positive expectations for cash flow generation over the next two to three years. The agency acknowledged Totalplay’s strong operational performance and significant market share.
Totalplay’s Investment in Telecommunications Infrastructure
In the first half of 2025, Totalplay invested 5.259 billion Mexican pesos (approximately 292 million USD) in fixed telecommunications services, despite a broader economic slowdown affecting the entire sector. These investments were directed towards expanding and maintaining their fiber-optic network infrastructure.
Totalplay’s Network Reach
As of the first half of 2025, Totalplay’s telecommunications network spans 153,000 kilometers and covers 87 cities across Mexico. The company serves 5.3 million residential access points, offering video, voice, and data services. Additionally, Totalplay provides telecommunications services to at least 63,000 small and medium-sized enterprises (Pymes).
Key Questions and Answers
- Who is Totalplay? Totalplay is a major telecommunications company in Mexico, known for its significant investments in fixed telecommunications services over the past decade.
- What credit rating adjustments did Fitch make to Totalplay? Fitch upgraded Totalplay’s long-term foreign and local currency issuer default ratings to “B” from “B-,” increased the long-term senior unsecured and secured ratings to “B” with a revised Recovery Rating of “RR4,” and raised the long-term senior unsecured ratings to “CCC+/RR6” from “CCC/RR6.”
- Why did Fitch upgrade Totalplay’s credit ratings? Fitch cited Totalplay’s improved liquidity position, supported by lower refinancing needs and positive cash flow generation expectations over the next two to three years, as well as its strong operational performance and significant market share.
- What investments has Totalplay made in telecommunications infrastructure? In the first half of 2025, Totalplay invested approximately 292 million USD in expanding and maintaining its fiber-optic network infrastructure, covering 87 cities and serving over 5.3 million residential access points.
