On March 7, 2008, Standard&Poor's Ratings Services revised its outlook on the 'BBB+' long-term corporate credit rating on Mexico-based Coca-Cola Femsa S.A.B. de C.V. (KOF) to positive from stable. The outlook revision reflects the improvement in KOF's financial profile and its strong business fundamentals. We believe that KOF's ability to continue leveraging on its brand equity and distribution network will support the company's performance in volatile market conditions, and allow it to maintain a strong market share and further position its products in countries other than Mexico. The ratings on KOF reflect the company's satisfactory business profile, The Coca-Cola Co.'s (KO; A+/Stable/A-1) implicit support through its 31.6% stake in KOF, and the strategic position that KOF holds in
