S&P gives Coca-Cola Icecek notes BBB-

S&P said it gave its BBB- issue rating to the planned senior unsecured notes to be issued by Coca Cola Icecek AS. The company plans to sell about $500 million in notes.

“We see limited risks in terms of structural subordination for the proposed notes because the debt at the operating companies and the secured debt account for well below 50% of the total debt, the threshold for structural subordination under our criteria. Hence, we rate the proposed notes BBB-, in line with the issuer credit rating on CCI,” S&P said in a press release.

CCI is expected to use the proceeds to refinance upcoming debt maturities and for general corporate purposes.

The outlook is negative.

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