We expect that Coca-Cola Femsa's initiatives to improve operating and financial results will strengthen its credit metrics, despite difficult economic conditions in the countries where the company operates. We are affirming our 'A-' global scale ratings on KOF. We are also affirming our 'mxAAA' national scale ratings on the company. The stable outlook reflects our expectation that the company's credit metrics will improve in the next 12-18 months, remaining in line with its 'modest' financial risk profile. At the same time, we believe the company will continue to generate robust free operating cash flow (FOCF) and maintain strong liquidity. On June 19, 2015, Standard&Poor's Ratings Services affirmed its 'A-' global scale corporate credit and issue credit ratings on
