Fitch lowers Atic, Ajecorp

Fitch Ratings said it downgraded Grupo Embotellador Atic SA’s (Atic) issuer default ratings to B+ and Ajecorp BV’s senior unsecured notes to B+.

The agency also said it assigned a recovery rating of RR4 to the bonds.

The downgrade reflects the negative impact of currency depreciations in the majority of markets in which Atic operates, Fitch said, as well as an overall negative view on economic growth in Latin America.

These factors should continue to result in negative free cash flow for the company, the agency said.

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