Cerveceria Nacional Dominicana C. Por A. http://www.alacrastore.com/company-snapshot/Cerveceria_Nacional_Dominicana_C_Por_A-1075382 Sunday, November 23, 2008 3:24:09 PM 1075382 Cerveceria Nacional Dominicana C. Por A. en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/fitch/447047_pr_framefitch/447047_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Cerveceria Nacional Dominicana C. Por A.8645071510/30/2008 6:34:00 PM010301000103000085Press Release447047_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/395420_report_framefitch/395420_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Cerveceria Nacional Dominicana C. Por A.864507158/2/2008 10:21:00 AM0103000001030100165Credit Update395420_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/428013_pr_framefitch/428013_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Cerveceria Nacional Dominicana C. Por A.864507158/1/2008 6:35:00 PM010300000103010085Press Release428013_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/spcred/649016spcred/649016normThe latest Full Report from S&Pglobal5/19/2008 1:13:07 PM400Full Report649016Dominican RepublicBrewersEmerging MarketsLatin AmericaGlobal IssuersCorporationsConsumer ProductsFull ReportLeading position in beer and malt markets in the Dominican Republic; Strong distribution capabilities in a fragmented retailer system; and Solid and long-standing brand recognition. Currency depreciation risk; Geographic concentration in the Dominican Republic; and Risks of operating in that country. The ratings on Cerveceria Nacional Dominicana C. Por A. (CND) reflect the shift in its financial policy toward using debt aggressively to finance its corporate restructuring. There is also uncertainty about the company achieving its targeted deleveraging path, which is a total debt-to-EBITDA ratio of 2.2x, given the weaker-than-expected results in 2007. The rating also incorporates CND's exposure to currency depreciation risk associated with the mismatch between the substantial proportion of Dominican peso-denominated sales and U.S. dollar-denominated debt obligations.DOM15710730201010 302010 3020 30Cerveceria Nacional Dominicana C. Por A.412702EMERGINGLATAMERICAFULLGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/649017spcred/649017normThe latest Summary from S&Pglobal5/19/2008 1:13:07 PM175Summary649017Dominican RepublicBrewersEmerging MarketsLatin AmericaGlobal IssuersCorporationsConsumer ProductsSummaryThe ratings on Cerveceria Nacional Dominicana C. Por A. (CND) reflect the shift in its financial policy toward using debt aggressively to finance its corporate restructuring. There is also uncertainty about the company achieving its targeted deleveraging path, which is a total debt-to-EBITDA ratio of 2.2x, given the weaker-than-expected results in 2007. The rating also incorporates CND's exposure to currency depreciation risk associated with the mismatch between the substantial proportion of Dominican peso-denominated sales and U.S. dollar-denominated debt obligations. In addition, the ratings consider the challenges that CND faces operating in the Dominican Republic, the exposure to the nation's economic cycles, and the vulnerability to external shocks. The rating also incorporates business constraints associated with CND's geographic concentration, as wellDOM15710730201010 302010 3020 30Cerveceria Nacional Dominicana C. Por A.412702EMERGINGLATAMERICASUMMARYGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648129spcred/648129normThe latest News from S&Pglobal5/14/2008 12:58:55 PM100News648129Dominican RepublicBrewersEmerging MarketsLatin AmericaGlobal IssuersCorporationsConsumer ProductsNewsMEXICO CITY (Standard&Poor's) May 14, 2008--Standard&Poor's Ratings Services said today that it affirmed its 'B+' long-term corporate credit and senior unsecured debt ratings on Cerveceria Nacional Dominicana C. por A. (CND). The outlook is stable. "Our ratings on CND reflect the shift in its financial policy toward using debt aggressively to finance its corporate restructuring. There is also uncertainty about the company achieving its targeted deleveraging path, which is a total debt-to-EBITDA ratio of 2.2x, given the weaker-than-expected results in 2007," said Standard&Poor's credit analyst Marcela Duenas. The rating also incorporates CND's exposure to currency depreciation risk associated with the mismatch between the substantial proportion of Dominican peso-denominated sales and its U.S. dollar-denominated debtDOM15710730201010 302010 3020 30Cerveceria Nacional Dominicana C. Por A.412702EMERGINGLATAMERICANEWSGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/648130spcred/648130normThe latest Research Update from S&Pglobal5/14/2008 12:58:55 PM175Research Update648130Dominican RepublicBrewersEmerging MarketsLatin AmericaGlobal IssuersCorporationsConsumer ProductsResearch UpdateOn May 14, 2008, Standard&Poor's Ratings Services affirmed its 'B+' long-term corporate credit and senior unsecured debt ratings on Cerveceria Nacional Dominicana C. por A. (CND). The outlook is stable. Our ratings on CND reflect the shift in its financial policy toward using debt aggressively to finance its corporate restructuring. There is also uncertainty about the company achieving its targeted deleveraging path, which is a total debt-to-EBITDA ratio of 2.2x, given the weaker-than-expected results in 2007. The rating also incorporates CND's exposure to currency depreciation risk associated with the mismatch between the substantial proportion of Dominican peso-denominated sales and its U.S. dollar-denominated debt obligations. In addition, the ratings consider the challenges that CND faces operating in the DominicanDOM15710730201010 302010 3020 30Cerveceria Nacional Dominicana C. Por A.412702EMERGINGLATAMERICARESUPDGLOBISSCORPConsumerCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/385430_report_framefitch/385430_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Cerveceria Nacional Dominicana C. Por A.864507155/6/2008 6:29:00 PM0103000001030100165Credit Update385430_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/419612_pr_framefitch/419612_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Cerveceria Nacional Dominicana C. Por A.864507155/6/2008 6:29:00 PM010300000103010085Press Release419612_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/373584_report_framefitch/373584_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Cerveceria Nacional Dominicana C. Por A.864507152/22/2008 6:29:00 PM0103000001030100425Full Rating Report373584_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/406894_pr_framefitch/406894_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Cerveceria Nacional Dominicana C. Por A.864507152/22/2008 6:29:00 PM010300000103010085Press Release406894_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/366004_report_framefitch/366004_report_framepdfCerveceria Nacional Dominicana C. Por A.8645071512/27/2007 2:11:00 PM0103000001030100385Full Rating ReportFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.366004_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/399152_pr_framefitch/399152_pr_framehtmlCerveceria Nacional Dominicana C. Por A.8645071512/27/2007 10:11:00 AM010300000103010075Press ReleaseFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.399152_pr_frameCredit & Investment ResearchFitch Research