Fitch affirms CCU

Fitch Ratings said it affirmed Compania Cervecerias Unidas SA's foreign- and local-currency issuer default ratings at A, national scale rating for series E, H and I UF-denominated local bonds at AA+(cl) and equity rating at Level 1.

The outlook is stable.

The affirmation is based on CCU's dominant position in the Chilean beer market, stable operations and strong cash flow generation despite economic cycles, the agency said, adding that the company's credit profile also benefits from broad geographic and product diversification and the stability of the beverage industry.

As of December 2009, the total debt-to-EBITDA ratio was 1.3 times.

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