Moody's cuts Coca-Cola HBC

Moody's Investors Service said it downgraded the backed senior unsecured and medium-term note ratings of Coca-Cola HBC Finance BV and Coca-Cola HBC Finance plc to Baa1 from A3 and to provisional Baa1 from provisional A3.

The two are wholly owned guaranteed subsidiaries of Coca-Cola Hellenic Bottling Co. SA.

Coca-Cola Hellenic's commercial paper program rating is unchanged at Prime-2.

The outlook remains negative.

"Today's rating action is prompted by the weakened credit profile of Coca-Cola Hellenic and our expectations that the current macroeconomic and consumer outlook across Europe will remain depressed in the coming quarters," Moody's vice president, senior analyst and lead analyst for Coca-Cola Hellenic Yasmina Serghini-Douvin said in a news release.

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