Fitch affirms Bepensa

Fitch Ratings said it affirmed the BBB foreign and local currency debt rating of Bepensa SA de CV.

The outlook is stable.

The company's soft drink market share is estimated to be about 75% within its bottling territories. The company's success versus its main competitor, The Pepsi Bottling Group, is due to the strong brand equity of Coca-Cola products in Mexico, good execution skills at the point of sale and an extensive distribution system, the agency said

Bepensa ended the first nine months of 2005 with a total debt to EBITDA ratio of 0.4x and more cash than debt. Fitch said liquidity is not a concern for Bepensa, with cash and marketable securities covering short-term debt by a multiple of 10.5x.

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