Mexico-based retail company FEMSA continues posting free operating cash flow despite its aggressive expansion program. We expect the company to continue to receive stable dividends from Heineken and Coca Cola Femsa (KOF). We are assigning our 'BBB+' global scale ratings on FEMSA and its proposed long-term senior unsecured notes. The stable outlook reflects our view that the company will maintain its profitability and market position while using its own cash flow generation to finance its growth plan. On April 24, 2013, Standard&Poor's Ratings Services assigned its 'BBB+' global scale corporate credit rating on Fomento Economico Mexicano, S.A.B. de C.V. (FEMSA) and to its proposed long-term senior unsecured notes. The outlook is stable. The ratings on FEMSA reflect the
