On March 22, 2006, Standard&Poor's Ratings Services placed its 'BBB' local and foreign currency corporate credit ratings on Coca-Cola FEMSA S.A. de C.V. on CreditWatch with positive implications. The rating action follows our review of the 2005 year-end results that confirms the company's positive de-leveraging three years after acquiring Panamerican Beverages Inc. The CreditWatch listing will be resolved after further review of Coca-Cola FEMSA's cash flow generation prospects and debt repayment program, and after our reassessment of its strategic importance in the Coca-Cola system, along with the implicit support from The Coca-Cola Co. The company had $1.89 billion in debt outstanding at Dec. 31, 2005. Mexico-based Coca-Cola FEMSA's business risk profile reflects its leading position in the Mexican
