KOF's first-quarter 2017 results were in line with our expectations, with improvements in top-line growth, profitability, and cash flow generation. However, we consider that the company's credit metrics are still exposed to difficult economic conditions in the markets where it operates, while it continues to explore acquisition-based growth opportunities. We're affirming our 'A-' global scale and 'mxAAA' national scale corporate credit and debt ratings on Mexico-based beverage company. The negative outlook on the global scale rating not only reflects the downside risks for KOF's leverage metrics, but also captures the company's higher exposure to Brazil and our view that global scale corporate credit rating can't exceed the sovereign foreign currency rating on Mexico by more than one notch. On April
