Grupo Embotellador Atic S.A. continues to face operating difficulties as sluggish volume sales in several markets, coupled with its limited ability to pass through dollar-denominated costs to consumers, pressures its profitability and constrains its cash flow generation. We are affirming our 'B-' corporate credit and issue-level ratings on Atic. The negative outlook reflects the potential that we could lower the ratings on Atic in the next 6 to 12 months if the sluggish performance of markets the company operates in, such as Brazil and Mexico, continue to constrain cash flow generation, leading to debt service concerns. On Feb. 28, 2017, S&P Global Ratings affirmed its 'B-' corporate credit and issue-level ratings on Grupo Embotellador Atic S.A. (Atic). The outlook remains
