(Updates with reasons for downgrade)

MEXICO CITY, March 15 (Reuters) - Ratings agency Moody's downgraded Mexican broadcaster Televisa's rating to Baa3 from Baa2, while maintaining its outlook stable, it said in a statement on Friday.

The downgrade was mainly driven by forecasts predicting Televisa's leverage should remain high in 2024, and expected pressure on margins due to operational challenges such as a decline in its DTH (Direct-To-Home) business, Sky, and a competitive Mexican market.

Nonetheless, Moody's maintained a stable outlook on the firm based on the view Televisa will successfully implement its strategic plan and maintain growth, the statement said.

Moody's could further downgrade Televisa's ratings if there is any deterioration in the company's market share, competitive position or liquidity profile, the statement added. (Reporting by Valentine Hilaire; Editing by Sarah Morland)