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“Indicadores Financieros Clave en la Calificacion de Empresas por parte de Standard & Poor’s” Eduardo Uribe Managing Director Octubre 2011 Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s. Copyright (c) 2008 Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. All rights reserved. Metodologia Business Risk Profile • Country Risk • Industry Risk • Competitive Position • Profitability / Peer comparison Financial Risk Profile • Financial Governance and Policies/ Risk Tolerance • Accounting • Cash Flow Adequacy • Capital Structure / Asset Protection • Liquidity Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s. 2. Indicadores Financieros Relevantes • EBITDA Interest Coverage • FFO / Debt • Debt / EBITDA • FOCF / EBITDA • Liquidity A/B, A-B Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s. 3. Descriptores de Liquidez We standardize our descriptors for corporate liquidity as: 1. 2. 3. 4. 5. "Exceptional“(>2.0x, 50%) "Strong“ (>1.5x, 30%) "Adequate“ (>1.2x, 15%) "Less than adequate“ (>1.0) "Weak“ (mat. deficit) “Key Quantitative Measures” • In our analysis, the key indicators of a company's liquidity cushion are: • A/B: Liquidity sources (A) divided by uses (B); and • A-B: Liquidity sources (A) minus uses (B). Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s. 4. Matriz de Calificaciones Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s. 5. Ejemplos en Mexico As December 31, 2010 Rating Debt/EBITDA FFO/Debt Debt/EBITDA FFO/Debt America Movil S.A.B. de C.V. A-/Stable 1.5 52% 1.5 50.7% Mexichem S.A.B. de C.V. BBB-/Stable 2.2 40.9% 1.8 52.7% Grupo KUO S.A.B. de C.V. BB/Stable 2.6 32.3% 2.4 32.2% Cemex S.A.B. de C.V. B/WatchNeg 8.5 3.6% 9.1 2.2% Issuer Permission to reprint or distribute any content from this presentation requires the prior written approval of Standard & Poor’s. 6. As June 30, 2011