S&P lowers Grupo Embotelladora

Standard & Poor’s said it lowered the long-term corporate credit rating on Grupo Embotelladora Atic, SA to BB- from BB.

The outlook remains negative.

The agency also said it lowered the rating on the company’s $450 million senior unsecured notes due 2022 to BB- from BB.

The downgrade reflects the company’s weaker-than-expected operating performance in the past two years due to the difficult economic and business conditions, such as stiff competition from its global peers and currency devaluations in most of the countries where it operates, S&P said.

The agency said it expects sluggish economies and strong competition in Mexico, Brazil, Venezuela and Colombia to continue taking a toll on the company’s performance, the agency said.

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