Moody's may lower Femsa

Moody's de México said it has placed Fomento Económico Mexicano, SAB de CV's (Femsa) Aa1.mx rating on review for downgrade.

According to the agency, the review was prompted by Femsa's announcement that it has agreed to sell its Femsa Cerveza beer unit to Heineken in a stock-based transaction valued at $7.347 billion, including $2.1 billion in assumed debt and other liabilities.

Moody's said that the ratings review will primarily focus on Femsa's capital structure post-transaction and on the contractual obligations Heineken would have at close of the transaction relative to external debt at Femsa holding.

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