Mexico-based retail company FEMSA has maintained solid key credit metrics despite its recent acquisitions and Mexico's slipping economic growth. We are raising our global scale corporate credit and debt ratings to 'A-' from 'BBB+' on FEMSA. At the same time, we are affirming our 'mxAAA' long-term national scale corporate credit and debt ratings and our 'mxA-1+' short-term national scale rating on FEMSA. The stable outlook reflects our view that the company will continue posting positive free operating cash flow (FOCF) with stable key credit metrics, while it maintains a solid market position and favorable EBITDA margins. On June 10, 2015, Standard&Poor's Ratings Services raised its global scale corporate credit and debt ratings to 'A-' from 'BBB+' on Fomento
