The following ratings changes were generated on Tuesday, Nov. 4.

We've downgraded Alexander's ( ALX), a real estate investment trust, from buy to hold. Strengths include its revenue growth, notable return on equity and relatively strong performance when compared with the S&P 500 during the past year. Weaknesses include unimpressive growth in net income, generally poor debt management and weak operating cash flow.

Revenue increased by 1% over the same quarter a year ago, but earnings per share declined. Return on equity greatly increased, a signal of significant strength, and greatly exceeds the average ROE of the REITs industry and of the S&P 500.

EPS have declined steeply in the most recent quarter compared with the same quarter last year. The company has not demonstrated a clear trend in earnings over the past two years, making it difficult to accurately predict earnings for the coming year. During the past fiscal year, Alexander's turned its bottom line around by earning $22.45 vs. -$14.99 in the prior year. Net income decreased by 209.8% over the same quarter a year ago, to -$31.44 million, underperforming both the S&P 500 and the REITs industry. The debt-to-equity ratio is very high at 9.55 and currently higher than the industry average, implying that there is very poor management of debt levels within the company.

We've downgraded Coca-Cola Femsa ( KOF), which operates as a bottler of Coca-Cola trademark beverages in Latin America, from buy to hold. Strengths include its revenue growth, reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. Weaknesses include unimpressive growth in net income, disappointing return on equity and a decline in the stock price during the past year.

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