Mexico-based retail company, FEMSA, has maintained its solid cash position and relatively stable key credit metrics despite its acquisition-based and internal growth strategy. We're affirming our 'A-' global scale corporate credit rating and our 'mxAAA' long-term and 'mxA-1+' short-term national scale ratings on FEMSA. At the same time, we affirmed our 'A-' and 'mxAAA' issue-level ratings on FEMSA. The stable outlook reflects our view that the company will maintain its leadership in Mexico, while continue receiving stable dividends from KOF and Heineken, which will continue supporting its profitability. We also expect the company to continue posting positive free operating cash flow (FOCF) and stable credit metrics despite its expansion program and potential further acquisitions. On June 28, 2016, S&P Global
