S&P lifts Embotellador Atic

S&P said it raised its global scale corporate credit rating on Grupo Embotellador Atic, SA to B from B- and raised the issue-level rating to B from B- on the company's $450 million senior unsecured notes due 2022.

The outlook remains stable.

The agency said the upgrade reflects Embotellador Atic's recent track record of improved profitability, cash flow generation, liquidity and credit metrics since its corporate reorganization, whereby its loss-making operations in Brazil, Venezuela, Asia and Mexico were classified as assets held for sale at the end of 2016.

“Although improved leverage and cash flow metrics could point to a stronger credit quality, we consider that the ratings on Atic are constrained at this point until the company further consolidates its updated business model across all markets within its recently reorganized portfolio,” S&P said in a news release.

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