Moody's ups Coca-Cola Femsa

Moody's Investors Service said it upgraded the foreign currency senior unsecured debt rating of Coca-Cola Femsa SA de CV to A3 from Baa2.

The outlook is stable.

Moody's said the upgrade reflects the company's successful integration of Panamco, the significant improvement in the company's leverage due to stronger cash flow and debt reduction and its growing strategic importance to the Coca-Cola system.

The agency noted that the company's A3 foreign currency debt rating incorporates all relevant country risks, including the probability of sovereign default implied by the Mexican government's Baa1 foreign currency bond rating.

The ratings are dampened by exposure to volatile economies, Moody's added.

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