Moody's rates Coca-Cola Femsa certificados bursatiles A3, Aaa.mx

Moody's Investors Service said it assigned A3 global and Aaa.mx Mexican national-scale ratings to Coca-Cola Femsa, SAB de CV's two proposed certificados bursatiles issues of up to Ps. 2 billion each, which would be the second and third drawdowns under the company's existing five-year Ps. 10 billion certificados bursatiles program.

At the same time, Moody's said it affirmed the A3 rating of Corporación Interamericana de Bebidas, SA de CV's 7.25% notes due July 2009, which are guaranteed by Coca-Cola, and the A3 and Aaa.mx ratings of the company's Ps. 3 billion certificados bursatiles due 2012, issued in 2007.

The outlook is stable.

According to the agency, the A3 and Aaa.mx ratings are supported by Coca-Cola's position as the largest Coca-Cola bottler in Latin America, with leading market shares in its franchise territories, strong profitability, a track record of free cash flow generation and healthy credit metrics, and solid scores on brand diversity and product innovation because of the access to the Coca-Cola Co.'s broad product portfolio.

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