...Solid Credit Profile: Alfa, S.A.B. de C.V.'s (Alfa) ratings reflect its diversified business portfolio, strong market position in the industries in which it participates, solid consolidated cash flow generation and sound financial profile. The ratings also incorporate the credit quality of its main subsidiaries, debt allocation between holding and operating companies, the expected flow of dividends to the holding company and the liquidity position at the holding company. Diversified Business Portfolio: Fitch Ratings believes diversified revenue and cash flow generation across industries and regions help mitigate the overall risks associated with the volatility of its business portfolio. Alfa's petrochemical, automotive, and oil and gas businesses are cyclical and exposed to raw material volatility and global economic conditions, while refrigerated foods, IT and telecom businesses are relatively stable. However, petrochemical and automotive business cycles counterbalanced each other through...
