While we expect Compania Cervecerias Unidas S.A.'s operating performance to gradually improve, shifting consumer preferences and challenging macroeconomic conditions could weigh on its margin stability. We expect our adjusted leverage for the company to remain slightly higher than we previously expected, at above 2.0x in 2026, and then fall to below 2.0x in 2027. On Oct. 29, 2026, S&P Global Ratings affirmed its'BBB'issuer credit rating and issue level ratings on Compania Cervecerias Unidas S.A. (CCU). The negative outlook reflects the expected pressure on credit metrics through 2026, While we forecast CCU's EBITDA, cash flow, and leverage metrics will improve in the next two years, headroom in its credit metrics will be limited and leave little room to absorb
