S&P stabilizes Coca-Cola HBC view

S&P said it revised its outlook for Coca-Cola HBC AG to stable from negative and affirmed the BBB+ ratings on the company and its senior unsecured notes.

“Coca-Cola HBC AG's (CCH) operating performance has been stronger than we expected following the Coca-Cola Co.'s (TCCC) decision to suspend sales of trademarked Coca-Cola products in Russia. S&P Global Ratings-adjusted debt leverage (excluding Russian business) was 2.1x at fiscal year-end 2022 (versus our original expectation of about 2.5x) supported by stronger generation of annual free operating cash flows (FOCF) close to €525 million,” S&P said in a press release.

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