Report published September 28, 2026
Sitios Latinoamerica: Leading Tower Operator – UBS Credit Strategy
UBS · September 28, 2026
UBS CIO affirms its positive view on Sitios Latinoamérica (SITES) corporate debt, recommending the 5.375% bond due 2032 for hold-to-maturity investors. The recommendation is backed by predictable cash flows, healthy liquidity, and stable 3.5x leverage, counterbalancing customer concentration in América Móvil.
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Finvaulta summarizes UBS's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Key Takeaways
- 1.UBS CIO views Sitios Latinoamérica (SITES) bonds as suitable for a hold-to-maturity strategy and maintains a preference for the 5.375% bond maturing in 2032.
- 2.Tenant concentration in América Móvil (~85% of site leases) is the primary credit risk, but is mitigated by AMX's solid investment-grade balance sheet (Baa1/A-/A-).
- 3.Debt metrics and liquidity are sound, with leverage stable at 3.5x, interest coverage at 2.4x, and low refinancing risk supported by USD 301mn cash versus USD 70mn in short-term debt.
Table of Contents
- Tenancy
- Stable debt ratios...
- ... low refinancing risk...
- ... and low obsolescence risk as well
- Stable credit ratings
- Risk factors
- Our bottom line
Report data
Table 1 - SITES - LTMs financial data
| Metric | Estimate | Context |
|---|---|---|
| Total cell sites portfolio | 37,989 sites | Jointly owned by 15 operating subsidiaries across Latin America |
| Consolidated tenancy ratio | 1.28 tenants per tower | Total number of cell site lease agreements divided by total cell sites |
| Leverage (Total debt / EBITDA) | 3.5 x | Total debt divided by 12-month trailing EBITDA |
| Yield-to-worst (5.375% bond due 2032) | 6.3123% | At an indicative offer price of 95.691 with maturity 4 April 2032 |
| Cash and cash equivalents | 301 USD mn | Compared against short-term debt of USD 70mn |
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