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S&P lifts Coca-Cola Enterprises view to stable
Standard & Poor’s said it affirmed the ratings on Coca-Cola Enterprises Inc., fka International CCE Inc., including the BBB+ corporate credit rating.
The agency also said it revised its outlook to stable from negative.
The ratings reflects the company’s track record of managing its share repurchases to stay within its targeted leverage ratio range, which includes maintaining unadjusted net debt-to-EBITDA in the 2.5x to 3x range, S&P said.
The company’s $925 million of share repurchases in fiscal 2014 exceeded expectations, but the company maintained cash flow ratios within expectations for a stable outlook, including adjusted debt-to-EBITDA of 2.8x, the agency said.
These ratios are expected to modestly weaken in 2015 because of a stronger dollar, but S&P said it believes the company will continue to manage its share repurchases within its target leverage range.
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