S&P ups Atic

S&P said it upgraded Grupo Embotellador Atic, SA’s issuer rating to B+ from B and withdrew the ratings on its $357 million of senior secured notes due 2022 after it repaid them using a mix of bank loans and balance sheet cash. The agency withdrew the notes’ rating.

“In our view, this pro-active refinancing improves the company's credit quality because it diminishes its refinancing risk by extending its debt maturity profile, with comfortable debt amortizations under the new debt structure. Moreover, the new bank loans have attractive funding costs and will reduce Atic's exposure to the dollar because the loans are in domestic currencies or are pegged to the dollar in the various countries where the company operates,” S&P said in a press release.

The outlook is stable.

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