Moody’s cuts Coca-Cola FEMSA rating to Baa1

Coca-Cola FEMSA reports that Moody’s Ratings has adjusted its credit rating to Baa1 from A3, following the downgrade of the Government of Mexico to Baa3 from Baa2.

Rhea-AI Filing Summary

Coca-Cola FEMSA reports that Moody’s Ratings has adjusted its credit rating to Baa1 from A3, following the downgrade of the Government of Mexico to Baa3 from Baa2. Moody’s also revised the Company’s outlook to Negative from Stable, mirroring Mexico’s outlook change.

Moody’s notes that Coca-Cola FEMSA remains rated two notches above the Mexican sovereign, supported by its strong credit metrics, ample liquidity, limited dependence on the local banking system, and significant cash generation outside Mexico.

Insights

Credit & fixed-income analyst

Moody’s downgrade reflects sovereign risk, not a weakening profile.

Moody’s cut Coca-Cola FEMSA’s rating to Baa1 from A3 and revised the outlook to Negative from Stable. The action is explicitly tied to Mexico’s rating move to Baa3 from Baa2, rather than to company-specific deterioration.

Moody’s highlights that KOF is still rated two notches above the sovereign, citing strong credit metrics, ample liquidity, limited reliance on Mexican banks, and cash generation outside Mexico. This suggests the business retains an investment-grade profile, but its rating ceiling is influenced by the sovereign’s risk.

For bondholders and lenders, the key takeaway is a modest increase in perceived risk due to country exposure, while company fundamentals are described as strong in the text. Future rating direction will likely track Mexico’s sovereign trajectory alongside maintenance of these credit metrics.

Key Figures

Company rating: Baa1 Prior company rating: A3 Mexico sovereign rating: Baa3 +5 more

8 metrics

Company rating Baa1 Moody’s long-term rating after downgrade

Prior company rating A3 Moody’s rating before adjustment

Mexico sovereign rating Baa3 Moody’s sovereign rating after downgrade

Prior Mexico sovereign rating Baa2 Moody’s sovereign rating before change

Consumers served 268 million Consumers served annually

Annual sales volume 4.2 billion unit cases Approximate yearly beverage volume

Employees 90,000 Number of employees

Manufacturing plants 55 Operating manufacturing facilities

Key Terms

Baa1, sovereign, outlook, Dow Jones Sustainability MILA Pacific Alliance Index, +2 more

6 terms

Baa1 financial

"announces that Moody’s Ratings has adjusted KOF’s rating to Baa1 from A3"

sovereign financial

"reflecting the downgrade of the Government of Mexico to Baa3 from Baa2"

outlook financial

"it adjusted KOF’s outlook from Stable to Negative, in line with the change"

"Outlook" is the general expectation or forecast about how something, such as the economy, a market, or an investment, is likely to perform in the future. It helps investors understand potential risks and opportunities, much like a weather forecast helps people prepare for upcoming conditions. A clear outlook guides decision-making and planning by providing an informed view of what might happen next.

Dow Jones Sustainability MILA Pacific Alliance Index financial

"The Company is a member of the Dow Jones Sustainability MILA Pacific Alliance Index"

FTSE4Good Emerging Index financial

"The Company is a member of the Dow Jones Sustainability MILA Pacific Alliance Index, FTSE4Good Emerging Index"

MSCI ACWI Index financial

"and the MSCI ACWI Index"

A global stock market benchmark that tracks the performance of large- and mid-sized companies across both developed and emerging markets worldwide. Think of it as a single scorecard that shows how the global stock market is doing, used by investors to compare fund performance, build broadly diversified portfolios, or run index-tracking funds and ETFs. Because it covers many countries and industries, it helps measure global risk and return at a glance.

FAQ

What rating did Moody’s assign to Coca-Cola FEMSA (KOF) in May 2026?

Moody’s assigned Coca-Cola FEMSA a Baa1 rating, down from A3. The change followed Mexico’s downgrade to Baa3 from Baa2 and aligns the company more closely with the sovereign risk profile.

Why did Moody’s downgrade Coca-Cola FEMSA’s credit rating?

Moody’s downgraded Coca-Cola FEMSA because the Government of Mexico was cut to Baa3 from Baa2. The agency linked KOF’s move to sovereign risk, not to a specific deterioration in the company’s own financial metrics.

What is Coca-Cola FEMSA’s current Moody’s outlook after the change?

Moody’s revised Coca-Cola FEMSA’s outlook to Negative from Stable. This shift mirrors Mexico’s own outlook change and indicates that future downgrades are possible if sovereign or company conditions worsen.

How does Coca-Cola FEMSA’s rating compare to Mexico’s sovereign rating?

Coca-Cola FEMSA is rated two notches above Mexico’s sovereign rating. Moody’s cites strong credit metrics, ample liquidity, limited dependence on local banks, and cash generation outside Mexico to justify this higher relative rating.

What operational scale does Coca-Cola FEMSA (KOF) report in this filing?

Coca-Cola FEMSA serves more than 268 million consumers, selling about 4.2 billion unit cases annually. It operates 55 manufacturing plants and 256 distribution centers, supported by over 90,000 employees across multiple Latin American countries.

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Accepted by SEC EDGAR 05/22/2026 - 08:11 PM Learn about SEC filing dates

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026
Commission File Number 1-12260

COCA-COLA FEMSA, S.A.B. de C.V.

(Translation of registrant’s name into English)

United Mexican States

(Jurisdiction of incorporation or organization)

Calle Mario Pani No. 100,
Santa Fe Cuajimalpa,
Cuajimalpa de Morelos,
05348, Ciudad de México,

México

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F X   Form 40-F     

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1)

Yes    No  X 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)

Yes    No  X 

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes    No  X 

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with

Rule 12g3-2(b): 82-__.

 

Moody’s adjusts Coca-Cola FEMSA’s rating

Mexico City, Mexico, May 22, 2026 – Coca-Cola FEMSA, S.A.B. de C.V. (BMV: KOFUBL; NYSE: KOF) (“KOF” or the “Company”) announces that Moody’s Ratings has adjusted KOF’s rating to Baa1 from A3, reflecting the downgrade of the Government of Mexico to Baa3 from Baa2. In addition, it adjusted KOF’s outlook from Stable to Negative, in line with the change to Mexico’s outlook.

Although, Moody’s highlights that KOF is rated two notches above the sovereign because of its strong credit metrics, ample liquidity, limited reliance on the local banking system, and cash generation outside Mexico.

About Coca-Cola FEMSA

Stock listing information: Mexican Stock Exchange, Ticker: KOFUBL

NYSE (ADS), Ticker: KOF | Ratio of KOFUBL to KOF = 10:1

Coca-Cola FEMSA, S.A.B. de C.V. is the largest franchise bottler in the world by sales volume. The Company produces and distributes trademark beverages of The Coca-Cola Company, offering a wide portfolio to more than 268 million consumers. With over 90,000 employees, the Company markets and sells approximately 4.2-billion-unit cases through more than 2.1 million points of sale a year. Operating 55 manufacturing plants and 256 distribution centers, Coca-Cola FEMSA is committed to generating economic, social, and environmental value for all its stakeholders across the value chain. The Company is a member of the Dow Jones Sustainability MILA Pacific Alliance Index, FTSE4Good Emerging Index, S&P/BMV Total Mexico ESG Index and the MSCI ACWI Index. Its operations encompass certain territories in Mexico, Brazil, Guatemala, Colombia, and Argentina and, nationwide, in Costa Rica, Nicaragua, Panama, Uruguay and, in Venezuela, through an investment in Coca-Cola FEMSA de Venezuela, S.A. For further information, please visit www.coca-colafemsa.com

For additional information, please contact the Investor Relations team:

• Jorge Collazo | jorge.collazo@kof.com

• Lorena Martin | lorena.martinl@kof.com

• Bryan Silva | bryan.silva@kof.com

• Emilio Díaz | emilio.diaz@kof.com

Coca-Cola FEMSA May 22, 2026 Page 1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

COCA-COLA FEMSA, S.A.B. DE C.V.

By:  /s/ Gerardo Cruz Celaya              

Gerardo Cruz Celaya

Chief Financial Officer

 Date: May 22, 2026