...Strong Tequila Brand: Becle, S.A.B. de C.V.'s ratings are supported by the strong brand recognition of its Jose Cuervo tequila, the world's leading tequila in sales volume. Jose Cuervo and other family brands are geographically diversified, with sales in more than 85 countries. The U.S. and Canada are its most important markets, accounting for around 67% of total revenue. In Mexico, the company is the largest volume distributor of spirits and liqueurs and the second-largest in terms of value. Mexico contributes 21% of Becle's total revenue. Portfolio Diversification: Fitch Ratings expects Becle will use proceeds from its IPO to improve its product portfolio by incorporating new brands in premium categories. In addition, Fitch believes Becle's strategy to incorporate premium and scalable brands in its portfolio combined with a strong brand equity in tequila will bring opportunities to strengthen its business position and geographic footprint. The company has been working to increase market...
