...US Players Operationally Stronger: Fitch Ratings expects US-based companies to deliver better volumes, revenues and profits performance than their EMEA-based peers in 2016, thanks to their exposure to growth categories such as North American whisky and to the US market. Constellation Brands Inc. and Brown-Forman Corporation should continue to gain market share due to their focus on above-premium portfolios with strong brand recognition. Mixed Effects on EMEA-Based Players: We expect EMEA-based companies to remain under pressure from weaker developing markets and efforts to adapt their portfolios to changing US consumption trends. They should however benefit from recovering consumer sentiment in western Europe and improving volumes in the profitable bar and restaurants channel. Developing Markets Weaken: The likelihood of further weakening of developing markets' currencies and consumer spending in 2016 leads us to expect contracting revenues at EMEA- based issuers for whom Brazil, Russia,...
