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Fitch rates Bottling Group notes AA-
Fitch Ratings said it assigned an AA- rating to the $1.3 billion 6.95% guaranteed notes due March 15, 2014 of Bottling Group, LLC (A+ issuer default rating), a 93.4%-owned operating subsidiary of Pepsi Bottling Group, Inc. (A+ issuer default rating).
The rating carries an expectation that PepsiCo, Inc. will fully guarantee the issue.
The outlook is stable.
Proceeds will be used to repay its $1.3 billion guaranteed notes due Feb. 17, 2009. In the interim, they may be used to repay short-term debt, a portion of which was used to finance the company's investment in JSC Lebedyansky.
For the 12 months ended Sept. 6, total debt-to-operating EBITDA ratio was 3.2 times.
Ratings reflect the credit metrics of the Pepsi system and Pepsi Bottling's relative importance in the system, which comprises PepsiCo (AA- issuer default rating), its significant, strategic bottlers, and PepsiAmericas, Inc. (A issuer default rating).
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