S&P gives Coca-Cola notes A+

S&P said it assigned its A+ issue-level rating to the Coca-Cola Co.'s proposed euro-denominated senior unsecured notes due 2029, 2033, and 2040 with final amounts to be determined. The notes will be issued by the group's parent company and rank equally with its senior unsecured debt.

The company expects to use the proceeds, together with cash on hand, to purchase the euro-denominated notes tendered under the recently announced tenders. Coke also plans to offer dollar-denominated notes under a separate prospectus supplement to buy the dollar-denominated notes tendered under the tenders.

Neither offering is conditioned on the other. “We view this entire transaction as roughly leverage neutral,” S&P said in a press release.

“All of our existing ratings on the company, including our A+ long-term issuer credit rating, are unchanged,” the agency said.

The outlook is negative.

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