Fitch affirms Andina at BBB+

Fitch Ratings said it affirmed the ratings of Embotelladora Andina SA, including its senior unsecured notes and national scale ratings at BBB+.

“Andina's ratings reflect its solid operating profile backed by strong brand recognition of Coca-Cola, well-diversified operational geographies across Latin America, as well as the relatively stable dynamics of the beverage industry,” the agency said in a news release.

“These factors have enabled Andina to maintain stable performance and cash flow generation despite the weak macroeconomic environment in the region and have allowed the company to reduce leverage quickly in the past.

“The ratings incorporate Andina's exposure to Brazil and Argentina's weak macroeconomic environment and the pricing volatility of its main raw materials such as sugar and oil.”

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