Fitch lowers Mabe to stable

Fitch Ratings said it affirmed Controladora Mabe, SA de CV's foreign-currency issuer default rating at BB+, local-currency issuer default rating at BB+, 6½% senior unsecured notes due 2015 at BB+ and 7 7/8% senior unsecured notes due 2019.

The outlook also was revised to stable from positive.

The outlook revision reflects recent EBITDA declines associated with a competitive environment and weak demand in Latin America, Fitch said, as well as higher leverage and financing costs resulting from reorganization related expenditures.

The outlook revision also considers an expectation of gross leverage at more than 2.5x for the next 12 to 24 months, the agency said.

The ratings reflect the company's geographic diversification and strong business position across all markets where it has a presence, which have allow it to maintain revenue growth and solid pricing power, Fitch said.

The ratings are tempered by its highly competitive environment, exposure to commodity prices and foreign-exchange volatility, the agency added.

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