Coca-Cola Icecek's long-term IDR affirmed at 'BBB' with stable outlook - Fitch |
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Mon, 22 Oct 2007 16:12
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MUMBAI (Thomson Financial) - Fitch Ratings said it has affirmed Coca-Cola Icecek AS's (CCI) long-term local currency issuer default and long-term local currency senior unsecured ratings at 'BBB'.The rating agency further said the company's long-term foreign currency senior unsecured rating and long-term foreign currency IDR, which are constrained by Turkey's Country Ceiling, are affirmed at 'BB'.Both long-term IDRs have a stable outlook.The rating affirmations reflect CCI's strong presence in its markets, solid operating performance and moderate financial leverage, Fitch said.The affirmations also consider the operational support provided to CCI by its partial owner, the Coca-Cola Company, which is rated 'A+/F1' with a negative outlook, the rating agency added.Fitch said these factors are balanced against significant foreign exchange exposure, an increasing focus on countries that may be vulnerable to economic instability and the potential for acquisitions leading to higher financial leverage.tfn.newsdesk@thomson.comnet/pmiCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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