After the bond reopening, Spain-based beverage company Grupo Atic's leverage increased beyond our expectations to 3.5x for year-end 2012. However, the company has experienced significant growth during last year, maintaining a financial risk profile aligned with the rating. The company's sound cash flow generation should gradually improve its credit metrics in the coming 12-18 months. We are affirming our 'BB' issuer credit rating on Grupo Atic. We are also affirming our 'BB' rating on the company's senior unsecured notes. The stable outlook reflects our expectation that Grupo Atic's credit metrics will remain relatively stable, despite moderate growth in demand and competitive pressures over the near term. On Aug. 28, 2013, Standard&Poor's Ratings Services affirmed its 'BB' issuer credit
