Mabe's third-quarter 2026 results were significantly below our expectations, mostly due to underperformance in the U.S. segment. We lowered our 2026 forecast for Mabe, with revenue likely contracting near 1.4% and an EBITDA margin just below 7%, pressuring down its adjusted debt-to-EBITDA and funds from operations-to-debt ratios for the rating level. Moreover, Mabe's high short-term debt maturities and July 2027 committed credit facilities maturities are tightening its liquidity. Therefore, on Nov. 5, 2026, we revised our rating outlook on Controladora Mabe S.A. de C.V. to negative from stable. In addition, we affirmed our'BBB'long-term issuer credit rating and our issue-level credit ratings on its senior unsecured notes. The negative outlook indicates that we could lower the ratings on Mabe
