Largest Coca-Cola bottler worldwide; Strategic position in The Coca-Cola Co.'s Latin American distribution system; Geographic diversification throughout the region; and Strong financial measures and robust cash-flow generation. Intense competition; Volatile raw material prices; and Country and macroeconomic risk in certain regions where the company operates; The corporate credit rating on Coca-Cola Femsa S.A.B. de C.V. (KOF) is based on its stand-alone credit profile (SACP) and the implicit support from The Coca-Cola Company (TCCC; A+/Positive/A-1) through its 29.4% stake in KOF. KOF's SACP is based on our assessment of its "satisfactory" business profile that reflects KOF's strategic position in TCCC's Latin American distribution system, its geographic diversification throughout the region, and the historical and relatively stable cash flow characteristics of the
