Fitch downgrades Atic, Ajecorp

Fitch Ratings said it downgraded Grupo Embotellador Atic SA's (Atic) issuer default ratings to B- from B+ and Ajecorp BV's senior unsecured notes to B-/RR4 from B+/RR4.

The outlook remains negative.

Fitch said the downgrade reflects Atic’s deterioration of its credit metrics to further levels than the agency previously anticipated due to sharp currency devaluation in the second half of 2015 and throughout the first months of 2016.

The downgrade also reflects increased competition in most markets and the failure of consumers to trade down from branded products to Atic products during economic distress in Latin America and Indonesia.

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