Solid market position in the Mexican convenience store industry through its Oxxo brand Sound operating performance Improved geographic and client diversification Satisfactory management team Stable dividends received from Kof and Heineken which improves FEMSA's revenue diversification Cyclical and highly competitive retail industry in Mexico Expansion program financed mainly with the company's own cash flow generation Exceptional liquidity Low debt levels Moderate financial policy The stable outlook on Fomento Economico Mexicano S. A. B. de C. V. (FEMSA) reflects our expectations that it will continue posting positive free operating cash flow (FOCF) in the next two years despite its expansion program and, will continue receiving stable dividends from Coca-Cola FEMSA (KOF) and Heineken. We also expect the company's market position to
