...Alfa S.A.B. de C.V.'s ratings reflect its diversified business portfolio, strong market position and geographic diversification, with a global footprint. The ratings also incorporate the credit quality of its main subsidiaries, debt allocation between the holding company (holdco) and operating companies, the expected flow of dividends to the holdco and its liquidity position. Alfa's credit quality is limited by the cyclicality of its operations in the petrochemical, automotive, and oil and gas industries, and the company's ex posure to price volatility in its main raw materials throughout its business portfolio. Fitch Ratings recognizes that Alfa's consolidated net leverage metrics in 2019 were slightly above our previous projections and negative rating sensitivity leverage ratio; however, the company maintained stable debt levels at the holdco, a robust inflow of dividends from its subsidiaries to cover its financial requirements and a comfortable liquidity position. While Fitch's base...
