Non-Alcoholic Beverages: Ratings Navigator Companion

...Sector and Sub-Sectors: This report presents the key peer comparator elements observed or expected for non-alcoholic beverage companies, a subsector of the beverage industry covering firms whose primary business is the manufacturing, bottling and marketing of non-alcoholic ready-to-drink (NARTD) beverages. Companies include owners/concentrate producers that develop and market the beverages, as well as bottlers whose main activity is the production, distribution and marketing of the concentrate owners' products in their franchise territories. Key Factors: The Sector Risk Profile defines and groups companies operating in the sector into a "natural rating territory" based on Fitch's view of the inherent risk profile of the industry. Each company's overall risk profile generally does not stray too far from this rating range. After assessing the Operating Environment, then Management and Corporate Governance, the Navigator examines four Sector-Specific factors for given rating levels. Finally,...

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