MEXICO CITY, Oct 29, 2003 (El Economista/Corporate Mexico by Internet Securities, Inc. via COMTEX) -- UBS Investment Bank has reduce the rating on stocks of Mexican bottling company Kof to "neutral" from "purchase", leading to a greater offer on the Mexico City stock exchange, as well as on the U.S. market.
UBS analysts said that the main factor limit the company's rating in the short and long term was the worrying political and financial situation in Venezuela.
UBS reduced is estimate of the firm's EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) by 14% for 2004 and also limited the target price of the company's American Depositary Receipt (ADR) to US$23.00 from US$27.50.
The bottling company reported net profits of 23.66 billion pesos (US$2.12 billion) through the third quarter of this year, some 27.82% less than in the same period of 2002, while sales increased 27.82% year-on-year.
The company's stocks on the Mexico City Stock Exchange dropped 3.76% to 21.75 pesos (US$1.95), while its ADRs in New York closed at US$19.88 after losing 0.95%.
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