MEXICO CITY (S&P Global Ratings) April 19, 2021--S&P Global Ratings today assigned its 'A-' issue-level rating to Fomento Económico Mexicano S.A.B. de C.V.'s (FEMSA; global scale: A-/Negative/--; national scale: mxAAA/Stable/mxA-1+) proposed senior unsecured sustainability-linked notes for up to €1.2 billion. The company plans to issue the notes under two series (seven- and 12-year tenors) and to use the net proceeds from the issuance to refinance its 1.75% euro senior notes due 2023. Therefore, we don't expect any increase in leverage from this transaction. The proposed notes will be issued on a senior unsecured basis and won't be guaranteed by any of FEMSA' subsidiaries. Therefore, the proposed notes will rank pari passu in right of order and payment with the company's
