FEMSA's operating performance and expansion plans have remained in line with our expectations. The company continues to finance its investments through internal cash flow generation and cash in hand, maintaining relatively stable debt levels. We're affirming our 'A-' global scale corporate credit rating and our 'mxAAA' long-term and 'mxA-1+' short-term national scale ratings on Mexico-based retailer . At the same time, we are affirming our 'A-' and 'mxAAA' issue-level ratings on FEMSA. The stable outlook reflects our expectation that the company will maintain debt to EBITDA below 1.5x and solid free operating cash flow generation in the next two years despite its expansion program, dividend payments, and further small acquisitions. We also expect FEMSA to continue posting EBITDA margins close
