S&P affirms Femsa

S&P said it affirmed its A- global scale and mxAAA/mxA-1+ national scale corporate credit ratings on Fomento Economico Mexicano SAB de CV (Femsa).

The outlook remains stable.

At the same time, the agency affirmed the A- issue-level ratings.

S&P said that despite soft consumption trends in Mexico during the first half of 2018, Femsa has maintained solid operating and financial results and has continued to finance its expansion plan through internal cash flow generation and cash on hand, posting relatively low debt levels.

Moreover, through the sale of 5.24% of its combined interest in the Heineken Group for about €2.5 billion in September 2017, the company strengthened its liquidity position and credit metrics, providing cushion to finance potential growth opportunities, the agency explained.

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