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. Changes in health and consumer preferences may result in lower demand for core carbonated soft drinks in the longer term. Prudent financial policies that prioritize low leverage and ample liquidity position. Following record-high revenues in 2022, we still expect KOF to report strong operating results this year, with revenues reaching close to MXN243 billion and EBITDA margin near 18.5%. Supporting factors will remain the company's strong brand portfolio, low demand cyclicality for its
