Fitch lowers Embotelladora Andina

Fitch Ratings said it downgraded Embotelladora Andina SA’s foreign-currency and local-currency issuer default ratings to BBB+ from A-, along with its senior unsecured notes to BBB+ from A-.

The agency also said it affirmed the company's national scale ratings at AA(cl), national senior unsecured debt at AA(cl) and national equity rating at primera clase nivel 2.

The outlook is stable.

The downgrades reflect the company’s increased exposure to Brazil, Fitch said.

The ratings also consider the company’s solid operating profile, backed by strong brand recognition, diversified operations and relatively stable dynamics of the beverage industry, the agency said.

These factors have enabled Embotelladora Andina to maintain its strong performance and cash flow generation despite the weak macroeconomic environment in the region, Fitch said.

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