Fitch upgrades Atic

Fitch Ratings said it upgraded Grupo Embotellador Atic, SA's long-term foreign and local-currency issuer default ratings to BB- from B+.

“The upgrade reflects Atic's resilient business profile, improved credit profile despite a challenging economic environment, and the refinancing of the $450 million bond in early March 2021, Fitch said in a press release.

The agency said it expects the debt/EBITDA ratio to be under 2x by YE 2021, down from 2.6x at YE 2020, which is low for its BB- rating. Free cash flow is projected to be robust, with nearly $90 million expected in 2021 due to improved EBITDA, working capital management limited capex and no dividend payments.

The outlook is stable.

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