Coca-Cola Femsa S.A. De C.V. May 06
Standard & Poors, May 2006
Abstract
Strong soft-drink market presence Coca-Cola Co.'s (KO) equity participation Strategic importance to the Coke system Highly competitive environment Foreign currency exposure The ratings on Coca-Cola Femsa S.A. de C.V. (KOF) reflect the company's strong business fundamentals, as well as the company's positive deleveraging three years after acquiring Panamerican Beverages Inc. In addition, the ratings reflect Standard & Poor's Ratings Services' expectations that the company will continue to improve its financial profile through robust cash-flow generation in its core markets and an adequately designed debt repayment program. In our opinion, KO's implicit support will continue to strengthen not only from an ownership perspective (KO holds a 39.6% stake in KOF), but more importantly due to the strategic position that KOF holds...
Companies mentioned in this report are:
- Coca-Cola Femsa S.A.B. de C.V.
- The Coca-Cola Co.
- Panamerican Beverages, Inc.
- Panamco Mexico, S.A. de C.V.
- FEMSA Cerveza, S.A. de C.V.
- Fomento Economico Mexicano S. A. B. de C. V.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
- Coca-Cola Femsa S.A.B. de C.V.
- The Coca-Cola Co.
- Panamerican Beverages, Inc.
- Panamco Mexico, S.A. de C.V.
- FEMSA Cerveza, S.A. de C.V.
- Fomento Economico Mexicano S. A. B. de C. V.
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