Standard&Poor's Ratings Services' corporate credit rating on Coca-Cola Femsa S.A.B. de C.V. (KOF) reflects the company's satisfactory business profile, with implicit support from The Coca-Cola Co. (KO; A+/Stable/A-1) through its 29.4% stake in KOF; KOF's strategic position in KO's Latin American distribution system; its geographic diversification throughout the region; the historical and relatively stable cash flow characteristics of the nonalcoholic beverage industry; and our expectation that the company will maintain its modest financial profile, as reflected by its strong financial measures and robust cash flow generation. Intense competition, a volatile market, and some foreign-currency exposure related to KOF's dollar-denominated debt partially offset the positive factors. KOF is the largest Coca-Cola bottler worldwide measured by volume (2.5 billion unit
