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Coca-Cola Hellenic Bottling Co. S.A.
Standard & Poors, May 2011
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: Full Analysis
Abstract
Strategic importance for The Coca-Cola Co., which has 23% ownership. Solid market positions: a strong, diversified brand portfolio with increasing volume growth in emerging markets. Strong cash flow generation. Exposure to volatile input costs that put pressure on margins in mature markets. Highly competitive nature of the global nonalcoholic ready to drink (NARTD) beverage market. The ratings on Greece-based Coca-Cola Hellenic Bottling Co. S.A. (CCH) reflect our analysis of CCH's stand-alone credit profile in combination with implied support from The Coca-Cola Co. (Coke; A+/Stable/A-1). In our view, this support relies on CCH's strategic importance to Coke, owing to CCH's status as a key bottler and to CCH's access to high growth emerging markets in Europe, Russia, and Nigeria. (For further...
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 HBC Finance PLC,Coca-Cola HBC Finance B.V.
Action: Review
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