Spain-based beverage company Grupo Embotellador Atic, S.A. continues to show weaker-than-expected credit metrics as a result of continued underperformance in several markets, in addition to currency pressures from high exchange rate volatility. We are lowering Atic's corporate and issue-level ratings to 'B' from 'BB-'. The stable outlook reflects our view that Atic's operational initiatives to reverse the negative trend in its operating margins and to increase sales volumes will limit further corrosion of its key credit metrics and gradually restore its liquidity. On Feb. 1, 2016, Standard&Poor's Ratings Services lowered its long-term corporate credit rating on Grupo Embotelladora Atic, S.A. (Atic) to 'B' from 'BB-'. At the same time, we lowered our issue-level rating on the company's $450
