Fitch changes Lindley view, affirms Arca

Fitch Ratings said it affirmed at A the long-term foreign and local currency issuer default ratings of Arca Continental, SAB de CV's and subsidiary AC Bebidas, S de RL de CV. The outlook remains stable.

The agency also affirmed Corporacion Lindley, SA's long-term foreign and local currency issuer default ratings at A-. The outlook was revised to positive from stable.

Fitch affirmed at AAA(mex) the national long-term rating of Arca Continental and AC Bebidas and the national short-term rating of Arca Continental at F1+(mex).

“Arca Continental's ratings reflect the solid business position of its beverage business, AC Bebidas, which is one of the largest bottlers of Coca-Cola products in the world with geographically diversified operations in Latin America and Southwestern U.S.,” Fitch said in a news release.

“The company's ratings incorporate its solid financial profile with low leverage ratios, strong FCF generation, and ample liquidity.”

Fitch said it uses a top-down approach to rate Lindley and believes Lindley's underlying credit profile has been improving despite the expected pressures on its operating performance related to the taxes on sugary beverages implemented by the Peruvian government in 2018.

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