Fitch affirms Andina; Kopolar on positive watch

Fitch Ratings said it affirmed Embotelladora Andina SA's local- and foreign-currency issuer default ratings at A, senior unsecured Yankee bond debt due in 2027 at A, national scale rating at AA+(cl), senior unsecured unidad de fomento-denominated bond No. 254 at AA+(cl) and national equity rating at primera clase nivel 2 (cl).

The agency also said it placed Embotelladoras Coca-Cola Polar SA (Kopolar) on Rating Watch positive following news of the merge.

The outlook is stable.

Andina and Kopolar's controlling shareholders, Inversiones Freire Ltda. and Inversiones Los Aromos Ltda., recently closed a merger agreement with Andina being the acquired company.

Considering Andina's solid credit profile and its relatively larger size compared with Kopolar, the agency said it believes that Kopolar's higher debt levels would have a neutral impact in the financial position of the merged company.

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