Competitive and relatively stable cost structure associated to vertical integration of operating activities; Increasingly diversified product portfolio and international operations; and Flexible financial, commercial and operational systems due to a non-royalties/franchise business model. Highly competitive environment in a market niche that has low barriers to entry; Limited brand recognition of product portfolio; and Foreign currency exposure to US dollar denominated debt. Our ratings on Grupo Embotellador Atic, S.L. (Grupo Atic) reflect our assessment of the company's "fair" business risk profile, "significant" financial risk profile, and "adequate" liquidity. Our assessment of Grupo Atic's business risk profile reflects its geographically diverse portfolio, the competitive and relatively stable cost structure due to its vertical integration of operating activities, and its proven ability to
