Mexico-based beverage company, KOF, recently announced that through its subsidiary, Spal Industria Brasileira de Bebidas, S.A., it reached an agreement to acquire 100% of the Brazil-based Coca-Cola bottler, Vonpar, for an equity value of R$3.5 billion. The company plans to finance the transaction with cash in hand, equity, and additional debt, which will deteriorate its credit metrics. We're revising the outlook on our global scale corporate credit rating to negative from stable and maintaining the stable outlook on the national scale corporate credit rating on KOF. We're also affirming our 'A-' global scale and 'mxAAA' national scale corporate credit and debt ratings on the company. The negative outlook reflects that following the completion of Vonpar's acquisition, KOF's metrics won't reach
