S&P changes Coca-Cola Bottling view

S&P said it affirmed its ratings, including the BBB corporate credit rating, on Coca-Cola Bottling Co. Consolidated and revised the outlook to negative from stable.

The agency also affirmed the BBB issue-level ratings on the company's senior unsecured debt.

“The outlook revision reflects adjusted debt-to-EBITDA of roughly 4.3x as of year-end 2017 (we had previously expected it to be closer to 4x) primarily as a result of higher commodity and transportation costs,” S&P said in a news release.

“We believe these headwinds will continue to pressure the company's credit metrics over the next 18 months, calling into question its ability to reduce debt-to-EBITDA closer to 3.5x by year-end 2019 (following its territory expansion which was completed in 2017).”

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