Fitch pulls Coca-Cola European from watch

Fitch Ratings said it affirmed Coca-Cola European Partners plc's long-term issuer default rating at BBB+ and removed it from rating watch negative. The outlook is stable.

The agency also upgraded Coca-Cola Amatil Ltd.’s long-term IDR to BBB+ from BBB and removed the rating from rating watch evolving. The outlook is stable. Fitch subsequently withdrew these ratings. “We have also upgraded CCA's senior unsecured ratings to BBB+ from BBB and removed them from RWE,” Fitch said in a press release.

The affirmation and outlook reflect Fitch's forecast CCEP will be able to deleverage toward levels consistent with the rating by 2023 due to the anticipated gradual recovery of revenue and EBITDA to pre-pandemic levels by 2022, translating into solid pre-dividends free cash flow, the agency said.

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