Up & Down Fizz in the Latin American Bottling Industry
Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
(Editor's Note: In the original article published Dec. 16, 2002, the rating on Coca-Cola Femsa S.A. de C.V. was incorrectly stated. A corrected version follows.) On Dec. 16, 2002, Standard & Poor's Ratings Services stated that as a result of a Latin America bottling industry review, it put the ratings on Mexican Coke bottler Bepensa S.A. de C.V. (Bepensa) on CreditWatch with positive implications, and, at the same time, it put the ratings on Chilean Coke bottler Coca-Cola Embonor S.A. (Embonor) on CreditWatch with negative implications. The macroeconomic environment has been negative along 2002 in Latin America, but asymmetries between Mexico and the southern region have been enough to result in contrasting credit trends. In the case of Embonor, unfavorable...
Companies mentioned in this report are: Coca-Cola Co. (The),PepsiCo Inc.,PepsiAmericas Inc.,Embotelladora Andina S.A.,Panamerican Beverages, Inc.,Compania Cervecerias Unidas S.A. (CCU),Coca-Cola Femsa, S.A.B. de C.V.,Pepsi-Gemex, S.A. de C.V.,Pepsi Bottling Group Inc. (The),Coca Cola Embonor S.A.,AmBev - Companhia de Bebidas das Americas
Coca-Cola Co. (The),PepsiCo Inc.,PepsiAmericas Inc.,Embotelladora Andina S.A.,Panamerican Beverages, Inc.,Compania Cervecerias Unidas S.A. (CCU),Coca-Cola Femsa, S.A.B. de C.V.,Pepsi-Gemex, S.A. de C.V.,Pepsi Bottling Group Inc. (The),Coca Cola Embonor S.A.,AmBev - Companhia de Bebidas das Americas
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