Moody’s affirms Alfa notes

Moody’s Investors Service said it affirmed Alfa SAB de CV's Baa3 senior unsecured ratings.

The outlook is stable.

"The Baa3 rating reflects (i) Alfa's ample geographic and business diversification that has proved to mitigate earnings volatility; (ii) its strong corporate governance practices and highly experienced senior management team; and (iii) the track record of cash flow generation in its operating subsidiaries supporting Alfa's debt service and dividend payment requirements," Alonso Sánchez, Moody's vice president, said in a news release.

"The rating also incorporates the structural subordination of the proposed notes to the debt at the operating company level which represent around 87% of total debt."

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