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Summary: Coca-Cola Hellenic Bottling Co. S.A.
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Abstract
The ratings on Greece-based Coca-Cola Hellenic Bottling Co. S.A. (CCHBC) are supported by the company's strategic importance to The Coca-Cola Co. (Coke; A+/Stable/A-1). This is demonstrated by CCHBC's position as distributor of more than 7% of Coke's worldwide volume in key growth markets. The ratings also reflect Coke's 24% stake in CCHBC and the stable cash flow characteristics of the soft-drink industry in general. CCHBC is the third-largest global bottler in the Coke system, behind Coca-Cola Enterprises Inc. (CCE; A/Stable/A-1) and Coca-Cola Femsa S.A. de C.V. (BBB/Stable/--). Standard & Poor's views Coke and its bottlers as a system, and analytically reconsolidates the key bottlers, including CCHBC and CCE; Coca-Cola Erfrischungsgetraenke AG (CCEAG; A-/Stable/--) is already consolidated in Coke's accounts. Coke...
Companies mentioned in this report are: Coca-Cola Hellenic Bottling Co. S.A.,Coca-Cola Co. (The),Coca-Cola Enterprises Inc.,Coca-Cola Femsa, S.A.B. de C.V.,Coca-Cola Erfrischungsgetraenke AG
Action: Review
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