Chile: With ratings unaffected, Compania Cervecerias Unidas S.A. maintained an adequate financial profile for its rating category despite the increased leverage in second-quarter 2003 needed to meet extraordinary dividend, Standard & Poor's Ratings Services said on February 17. Total debt in fiscal 2003 (US$235.8 million) represents a 137% increase compared to fiscal 2002 levels, Reuters revealed. In contrast, recovering macroeconomic conditions in Chile and Argentina, the good results of CCU's marketing plan to grow beer consumption per capita in Chile, the introduction of the Heineken brand, and the appreciation of the domestic currency helped to substantially strengthen revenue base. In sum, a better dilution of fixed cost allowed for a solid 11.9% operating margin leading to a 23.5% improvement in cash flow generation. Therefore, despite higher financial expenses, improved cash flow generation measures allowed CCU to keep adequate interest and debt coverage measures at 15.3x (EBITDA interest coverage) and 49% (FFO to debt) levels.

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