...Solid Credit Profile: Alfa, S.A.B. de C.V.'s (Alfa) ratings reflect its diversified business portfolio, strong market position in its industries, solid consolidated cash flow generation and sound financial position. 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, as well as the liquidity position at the holding company. Diversified Business Portfolio: Fitch Ratings believes risks associated with volatile industries are partially mitigated by the diversity of revenue and cash flow generation across sectors and their relatively low correlation, which diminishes the business portfolio's overall volatility. 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 telecommunications businesses are relatively stable. Petrochemical and automotive...
