MEXICO CITY (S&P Global Ratings) Oct. 20, 2016--S&P Global Ratings said today that its rating and outlook on Grupo Embotellador Atic (B-/Negative/--) are not affected following the company's recent announcement that it completed the refinancing of part of its $114 million short-term debt as of June 2016, easing the short-term refinancing risk. The new four-year senior secured credit agreement totals $87 million, and will amortize on a quarterly basis starting September 2017. However, we believe Atic will continue to face operating difficulties related to the effect of a strong dollar on its cost structure--given that more than 60% of it is dollar denominated--strong competition that limits its pricing power ability, and one-off expenses related to the restructuring of operations in
