Moody’s gives Baa2 to Coca-Cola Bottling notes

Moody's Investors Service said it assigned a Baa2 rating to Coca-Cola Bottling Co. Consolidated's $300 million senior notes due 2025.

All other ratings remain unchanged.

The outlook is stable.

Proceeds will be used to repay outstanding debt under the company's revolving credit facility and general corporate purposes.

Moody’s said the Baa2 rating is based on a combination of its standalone rating and the lift applied to the standalone rating for implied support from Coca-Cola Co. (Aa3 stable) because Coca-Cola Bottling is an integral part of the Coke system. Coca-Cola products account for roughly 88% of the bottle/can sales volume of Coca-Cola Bottling.

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