The Tv Azteca crisis will not affect Elektra’s credit profile, Moody’s predicts

The start of the Tv Azteca bankruptcy will not have an impact on the credit profile of Grupo Elektra, since although both entities share the same controlling shareholder, they operate with independent structures, the rating agency Moody’s explained yesterday.

“Elektra’s economic exposure to Tv Azteca is limited, since the transactions between the two companies are not significant,” he said in a report.

In the document, the firm recalled that on February 26, Tv Azteca reported in a statement that it had submitted a request to begin a voluntary bankruptcy process, in order to carry out a corporate, operational and financial reorganization that would allow it to continue as a business.

He explained that a relevant part of Elektra’s advertising activities is carried out through the Tv Azteca channels.

Additionally, Moody’s indicated, there are contracts between both companies for the provision of administrative, technical, financial, accounting and legal assistance services and for collaboration in the development of commercial or industrial projects.

“Because the continuity of these services has certain relevance for the operation of Tv Azteca, it is expected that these activities will be maintained during the bankruptcy,” he commented.

However, he pointed out that Elektra’s financial exposure is limited, since the balance of accounts receivable from Tv Azteca totaled 14 million pesos in the fourth quarter of 2025, which he considered a marginal figure compared to the cash position of 11,571 million pesos, the short and long-term investment portfolio of 16,214 million pesos and the flow generation of the commercial segment, which reached 13,345 million. million by the end of 2025.

“With regard to the entities that make up Elektra’s financial segment, we estimate that the situation of Tv Azteca will not have a relevant effect on the financial profile of Banco Azteca, due to the low exposure to Tv Azteca in the credit portfolio and its investment portfolio,” Moody’s clarified.

Likewise, he ruled out that the contest affects his two insurance companies: Azteca and Azteca Daños.