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S&P gives Coca-Cola Icecek BBB-
S&P said it gave Coca-Cola Icecek AS a BBB- issuer rating and a negative outlook.
In 2020, the company posted revenues of TRY 14 billion and adjusted EBITDA of TRY 3 billion.
“We forecast that CCI's free operating cash flow (FOCF) will be positive in 2021 and 2022 thanks to its ability to operate in highly inflationary markets and its moderate capital expenditure (capex). Its very low debt should also offset negative currency-exchange effects. For the next two years, we forecast S&P Global Ratings-adjusted debt leverage of 1x and EBITDA interest coverage of about 7.5x-9.5x,” S&P said in a press release.
The negative outlook reflects the negative outlook on Turkey’s foreign-currency sovereign rating, the agency said.
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