Research Update: Peruvian Bottler Atic Upgraded To 'B+' On Debt Refinancing, Stronger Performance; Outlook Stable; Debt Rating Withdrawn

On March 5, 2021, Peruvian beverage company, Grupo Embotellador Atic, S.A. (Atic), successfully refinanced its outstanding $357 million senior unsecured notes due in May 2022 with a mix of new bank loans and cash from its balance sheet. The refinancing extends the company's debt maturity profile and reduces its foreign exchange rate exposure to the dollar. Moreover, in 2020, the company significantly increased its profitability and cash flows, despite softer consumption trends in its key markets due to the recession triggered by COVID-19 pandemic. As a result, Atic continued to reduce its debt position and posted stronger credit metrics, including gross debt to EBITDA of about 2.2x at year-end. On March 5, 2021, S&P Global Ratings raised its issuer credit

...- On March 5, 2021, Peruvian beverage company, Grupo Embotellador Atic, S.A. (Atic), successfully refinanced its outstanding $357 million senior unsecured notes due in May 2022 with a mix of new bank loans and cash from its balance sheet. The refinancing extends the company's debt maturity profile and reduces its foreign exchange rate exposure to the dollar. - Moreover, in 2020, the company significantly increased its profitability and cash flows, despite softer consumption trends in its key markets due to the recession triggered by COVID-19 pandemic. As a result, Atic continued to reduce its debt position and posted stronger credit metrics, including gross debt to EBITDA of about 2.2x at year-end. - On March 5, 2021, S&P Global Ratings raised its issuer credit rating on Atic to 'B+' from 'B' and withdrew the issue-level rating on its 2022 notes given their full redemption. - The stable outlook reflects our expectation that Atic will continue posting steady operating and financial performance...

Research Update