Mexico-based retail company, FEMSA, has maintained low-double-digit revenue growth and EBITDA margins above 16% despite a more challenging economic scenario in Mexico. We are affirming our 'BBB+' global scale corporate credit ratings and our 'mxAAA' long-term and 'mxA-1+' short-term national scale ratings on FEMSA. At the same, time we affirmed our 'BBB+' global scale and 'mxAAA' national scale ratings on FEMSA's debt. The stable outlook reflects our view that the company will continue posting positive free operating cash flow with stable key credit metrics, while it maintains a solid market position and favorable EBITDA margins. On Nov. 25, 2014, Standard&Poor's Ratings Services affirmed its 'BBB+' global scale and 'mxAAA' national scale long-term and 'mxA-1+' short-term corporate credit ratings
