Standard&Poor's Ratings Services derives its 'A-' corporate credit rating on Coca-Cola Femsa S.A.B. de C.V. (KOF) from: Our anchor of 'bbb+', based on our "satisfactory" business risk and "modest" financial risk profile assessments for the company. Analytical modifiers, which have no impact on the rating outcome. One notch higher than the stand-alone credit profile (SACP), given our view of KOF as a dedicated supplier/purchaser of The Coca-Cola Co. (TCCC; AA-/Watch Pos/A-1+), which we consider as moderately strategic for this company. Strategic position in TCCC's distribution system; Leading market share and strong geographic diversification across Latin America and the Philippines. The "low" risk of the nonalcoholic beverage industry in which the company operates. Stable margins despite exposure to raw
