Our ratings on Grupo Embotellador Atic, S.L. (Grupo Atic) reflect our assessment of the company's "fair" business risk profile, "significant" financial risk profile, and "adequate" liquidity. Our assessment of Grupo Atic's business risk profile reflects its geographically diverse portfolio, the competitive and relatively stable cost structure due to its vertical integration of operating activities, and its proven ability to penetrate the fastest growing socio-economic segments of the countries where it operates. These factors are partially offset by a fierce competitive environment and limited brand recognition that has hindered the company's ability to increase market share, particularly in regions where consumers face low switching costs. The company's profitability indicators have declined during the past two years, with an EBITDA of 8.5%
