Atic's operating and financial performance continues to deteriorate due to sluggish sale volumes and currency depreciation in most of the countries in which the company operates. Spain-based beverage company has a high level of short-term debt, which in our view is increasing its refinancing risk. As a result, we're lowering our corporate credit rating on the company to 'B-' from 'B'. The negative outlook reflects our expectation that the ratings could further be lowered during the second half of 2016 if Atic fails to refinance more than $100 million of short-term debt, or if continued deterioration in the company's cash flow generation jeopardizes the sustainability of its capital structure. On May 12, 2016, S&P Global Ratings lowered its corporate credit
