During the first half of 2013, Mexico-based beverage company KOF continued significant mergers and acquisitions (M&A) activities, without affecting its modest financial risk profile. Most recently KOF announced the acquisition of Fluminense totaling $448 million. We are affirming our 'A-' global scale and 'mxAAA' national scale long-term corporate credit and debt ratings on the company. The stable outlook reflects our expectation that the company will continue to generate robust free operating cash flow and preserve its strong key credit metrics and liquidity during the next two years. On July 5, 2013, Standard&Poor's Ratings Services affirmed its 'A-' global scale and 'mxAAA' national scale corporate credit and debt ratings on Coca-Cola Femsa S.A.B. de C.V. (KOF). The outlook on
