Moody's rates Coca-Cola Enterprises bond A3

Moody's Investors Service said it assigned an A3 rating to Coca-Cola Enterprises Inc.'s €350 million bond issuance.

Proceeds will be used for general corporate purposes, including repayment of current maturities of long-term debt and commercial paper.

Moody's said the A3 rating reflects Moody's expectation that Coca-Cola Enterprises' leverage will be decline to around 3 times from about 3.3 times at the end of the third quarter as Coca-Cola Enterprises' performance in 2014 improves following a challenging 2013, despite an aggressive shareholder return strategy.

Coca-Cola Enterprises' standalone rating is in the Baa range. The importance of the bottler to Coca-Cola Co. provides one notch of ratings lift leading to the A3 long-term rating.

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