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Rating Action:

Moody's changes the outlook to negative on some Mexican companies, affirms global and national scale ratings

 The document has been translated in other languages

20 Apr 2020

Mexico, April 20, 2020 -- Moody's de Mexico S.A. de C.V., ("Moody´s") has changed the outlook to negative from stable and affirmed the ratings on some non-financial companies operating in Mexico. The rating actions follow the downgrade of the Government of Mexico's ratings to Baa1 from A3, and the maintenance of a negative outlook, on 17 April 2020. For more information, please see "Moody's downgrades Mexico's ratings to Baa1; maintains negative outlook" available at https://www.moodys.com/research/Moodys-downgrades-Mexicos-ratings-to-Baa1-maintains-negative-outlook--PR_422013.

ISSUERS AND RATINGS AFFIRMED, NEGATIVE OUTLOOK

Telefonos de México, S.A.B. de C.V. (Telmex)'s global scale and national scale senior unsecured ratings were affirmed at Baa1/Aa1.mx (TELMEX 07). The outlook was changed to negative from stable.

Arca Continental, S.A.B. de C.V. (AC)'s global scale and national scale issuer ratings were affirmed at A2/Aaa.mx. The outlook was changed to negative from stable.

ISSUERS AND RATINGS AFFIRMED

America Movil, S.A.B. de C.V. (America Movil)'s global scale and national scale senior unsecured ratings were affirmed at A3/Aaa.mx (AMX 1122, AMX 0624, AMX 10U).

At the same time, Moody's Investors Service has affirmed the company's global scale senior unsecured and gtd senior unsecured ratings at A3, its senior unsecured shelf and gtd senior unsecured MTN program ratings at (P)A3 and its junior subordinate ratings at Baa2.

Grupo Televisa, S.A.B. (Televisa)'s global scale and national scale issuer rating and senior unsecured ratings were affirmed at Baa1/Aa1.mx (TLEVISA 10, TLEVISA 14, TLEVISA 15, TLEVISA 0443).

At the same time, Moody's Investors Service has affirmed the company's global scale senior unsecured ratings at Baa1 and its senior unsecured shelf rating at (P)Baa1.

Coca-Cola Femsa, S.A.B. de C.V. (KOF)'s global scale and national scale senior unsecured ratings were affirmed at A2/Aaa.mx (KOF 11-2, KOF 13, KOF 17, KOF 17-2, KOF 20, KOF 20-2).

At the same time, Moody's Investors Service has affirmed the company's global scale gtd senior unsecured rating at A2.

RATINGS RATIONALE

The changes in outlook to negative for these companies follow the downgrade of the Government of Mexico's ratings to Baa1 from A3 with the outlook remaining negative, on 17 April 2020, and reflects the link to the Mexican sovereign. Moody's believes that a weaker sovereign has the potential to create a rating drag on companies operating within its borders, and therefore it is appropriate to limit the extent to which these issuers can be rated higher than the sovereign, in line with Moody's cross-sector rating methodology "Assessing the Impact of Sovereign Credit Quality on Other Ratings" published in June 2019, and available on www.moodys.com.

The rating affirmations are supported by each issuer's fundamentals, which are either as strong as or stronger than those of the sovereign, and the generally low default dependence of these companies with the sovereign. Some of these companies' ratings are above Mexico's sovereign rating, a situation that only occurs under exceptional circumstances, when an issuer's fundamentals are stronger than those of the sovereign, and that also reflects their geographic diversification, with a large proportion of their revenue and assets outside of their domestic market. More specifically, KOF's and AC's ratings benefit from a one-notch uplift because of their key role in the Coke system and the resulting expectation that The Coca-Cola Company (A1 stable) would likely seek to bolster KOF's and AC's financial condition if it were to weaken significantly.

Moody's decision to downgrade the Government of Mexico's ratings to Baa1 reflects the following key drivers: (1) Mexico's medium term economic growth prospects have materially weakened; (2) the continued deterioration in Pemex's financial and operational standing is eroding the sovereign's fiscal strength, which is already pressured by slower revenue growth due to a weaker economy; (3) weakened policymaking and institutional capacity. The negative outlook reflects the risk that economic and fiscal strength deteriorate beyond what is captured in a Baa1 rating due to ongoing uncertainties related to policy direction in the medium term and policy responses that have been insufficient to effectively address both the country's economic challenges and Pemex's continued financial and operating problems.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Given that the outlook for Mexico's sovereign rating is negative, an upgrade of these companies' ratings is unlikely. Moody's could stabilize the outlook of these companies, if the outlook on the sovereign is stabilized and if they maintain their current credit profile.

The ratings of these companies could be downgraded, if the rating of the sovereign is downgraded. The ratings of these companies could also be downgraded if their credit profile weakens.

The principal methodology used in rating Telefonos de Mexico, S.A.B. de C.V., and America Movil, S.A.B. de C.V. was Telecommunications Service Providers published in January 2017 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1055812. The principal methodology used in rating Grupo Televisa, S.A.B. was Pay TV published in December 2018 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1134554. The principal methodology used in rating Coca-Cola FEMSA, S.A.B. de C.V., and Arca Continental, S.A.B. de C.V. was Global Soft Beverage Industry published in January 2017 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1053179. Alternatively, please see the Rating Methodologies page on www.moodys.com.mx for a copy of these methodologies.

The period of time covered in the financial information used to determine Telefonos de Mexico, S.A.B. de C.V.'s rating is between 01/01/2015 and 31/12/2020 (source: Mexican Stock Exchange).

The period of time covered in the financial information used to determine America Movil S.A.B. de C.V.'s rating is between 01/01/2015 and 31/12/2020 (source: Mexican Stock Exchange).

The period of time covered in the financial information used to determine Grupo Televisa S.A.B.'s rating is between 01/01/2015 and 31/12/2020 (source: Mexican Stock Exchange).

The period of time covered in the financial information used to determine Coca-Cola FEMSA, S.A.B. de C.V.'s rating is between 01/01/2015 and 31/12/2020 (source: Mexican Stock Exchange).

The period of time covered in the financial information used to determine Arca Continental, S.A.B. de C.V.'s rating is between 01/01/2015 and 31/12/2020 (source: Mexican Stock Exchange).

Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons, please see https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1216309.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

Information sources used to prepare the rating are the following: parties involved in the ratings, public information, and confidential and proprietary Moody's information.

The ratings have been disclosed to the rated entities prior to public dissemination.

A general listing of the sources of information used in the rating process, and the structure and voting process for the rating committees responsible for the assignment and monitoring of ratings can be found in the Disclosure tab in www.moodys.com.mx.

The date of the last Credit Rating Action for Telefonos de Mexico, S.A.B. de C.V. was 04/04//2018.

The date of the last Credit Rating Action for America Movil, S.A.B. de C.V. was 19/02/2020.

The date of the last Credit Rating Action for Grupo Televisa, S.A.B. was 09/03/2017.

The date of the last Credit Rating Action for Coca-Cola FEMSA, S.A.B. de C.V. was 20/02/2020.

The date of the last Credit Rating Action for Arca Continental, S.A.B. de C.V. was 06/06/2019.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.mx.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

This credit rating is subject to upgrade or downgrade based on future changes in the financial condition of the Issuer/Security, and said modifications will be made without Moody's de México S.A. de C.V accepting any liability as a result.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com.mx, for each of the ratings covered, Moody's disclosures on the lead rating analyst and the Moody's legal entity that has issued the ratings.

Moody's considers the quality of information available on the rated entity, obligation or credit satisfactory for the purposes of issuing a rating.

Moody's adopts all necessary measures so that the information it uses in assigning a rating is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see Moody's Rating Symbols and Definitions on www.moodys.com.mx for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com.mx for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see our website www.moodys.com.mx for further information.

Please see www.moodys.com.mx for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

The ratings issued by Moody's de Mexico are opinions regarding the credit quality of securities and/or their issuers and not a recommendation to invest in any such security and/or issuer.

Please see the ratings tab on the issuer/entity page on www.moodys.com.mx for additional regulatory disclosures for each credit rating.

Marie Fischer-Sabatie
Senior Vice President
Corporate Finance Group
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 1 888 779 5833
Client Service: 1 212 553 1653

Marianna Waltz, CFA
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 0 800 891 2518
Client Service: 1 212 553 1653

Releasing Office:
Moody's de Mexico S.A. de C.V
Ave. Paseo de las Palmas
No. 405 - 502
Col. Lomas de Chapultepec
Mexico, DF 11000
Mexico
JOURNALISTS: 1 888 779 5833
Client Service: 1 212 553 1653

No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT.

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All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY'S.

To the extent permitted by law, MOODY'S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY'S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

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Moody's Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody's Corporation ("MCO"), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody's Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody's Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and Moody's investors Service also maintain policies and procedures to address the independence of Moody's Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody's Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading "Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy."

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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