Despite the sluggish economic conditions in several countries where Mabe operates, it continues improving its operating performance while maintaining stable leverage and cash flow metrics. We are affirming our 'BB+' corporate and issue-level ratings on Mabe. The outlook remains positive. We revised our recovery rating to '3' from '4'. The positive outlook reflects our expectation that Mabe will continue improving its operating and financial performance, reflecting its commitment to continue achieving operating efficiencies and cost reductions, while reducing its debt. This should allow the company to maintain EBITDA margins close to 11%, and debt to EBITDA below 3.0x by year-end 2016, despite the sluggish economic conditions in the region and foreign-exchange volatility. On July 26, 2016, S&P Global Ratings affirmed
