S&P rates Embotelladora Andina notes BBB

S&P said it assigned a BBB issue-level rating to Embotelladora Andina SA's planned senior unsecured bond for up to CHF 200 million. The bond will have a five-year maturity.

“The rating on the bond is the same as the issuer credit rating on Andina (BBB/stable/--) because we don't believe there are material financial obligations that would rank ahead of the company's unsecured debt by way of structural or contractual subordination,” the agency said in a statement.

Andina plans to use the proceeds to refinance the $365 million of 5% senior unsecured notes due 2023.

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