Overview Key strengths Key risks Strategic position in The Coca-Cola Co.'s (TCCC; A+/Stable/A-1) distribution system as the world's largest Coca-Cola bottler by volume sales. Exchange rate volatility and rising costs--particularly for commodities, freight, and labor--could pressure margins. Strong brand portfolio and leading market share in Latin America. History of debt-financed acquisitions that could result in higher leverage. Prudent financial policies, including healthy balance sheet and liquidity position. Changes in health and consumer preferences may result in lower demand for its core carbonated soft drinks in the longer term. We expect Coca-Cola Femsa's (KOF?s) top-line (in Mexican pesos) to grow close to 10% in 2022 and 6% in 2023 (over MXN194.8 billion reported in 2021). Revenue growth will be spurred by
