For the second consecutive year, Spain-based beverage company Atic posted weaker-than-expected operating performance due to the continuing challenging economic and competitive market environment. The devaluation of currencies in several countries where the company operates eroded its credit metrics and liquidity, which we now consider as "less than adequate." We are lowering our corporate credit and issue-level ratings to 'BB-' from 'BB' on Atic. The negative outlook reflects our view that Atic's operating performance and credit metrics might further weaken if the company's initiatives to recover sale volumes, improve its cost base, and increase profitability won't materialize, and/or if market conditions don't improve and currency volatility lessens in the countries where it operates in the next 12 months. On June 4,
