Chile-based beverage company Compañía de Cervecerías Unidas S.A. (CCU) reported moderate leverage and EBITDA margin improvement and forecasted credit metrics remain in line with our rating on the company. On Nov. 15, 2023, S&P Global Ratings affirmed its 'BBB' issuer credit and issue-level ratings on CCU. The stable outlook reflects our expectation that the company will continue to reduce its leverage gradually. We expect net leverage close to, or below, 2.0x and positive free operating cash flow (FOCF) in 2023 and 2024. We also expect EBITDA margins above 14% in the medium term. Outlook The stable outlook reflects our expectation that the company will continue to reduce its leverage gradually. We expect net leverage close to, or below, 2.0x and
