Fitch affirms Compania Cervecerias

Fitch Ratings said it affirmed the A- foreign- and local-currency issuer default ratings of Chile-based Compania Cervecerias Unidas SA. The outlook is stable.

The agency said Compania Cervecerias' ratings are supported by the company's dominant position in the Chilean beer market, the product and geographic diversification of the company's cash flow from operations and the conservative capital structure the company continues to maintain.

Compania Cervecerias had a market share of 88% in the Chilean beer industry during 2005, and Fitch expects the company to continue to dominate this industry due to its modern production facilities, extensive direct-distribution system, diversified portfolio of beer products and the broad appeal of its flagship brand, Cristal.

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