EM CEEMEA CREDIT: CCOLAT; Fitch Affirming BBB
Jun-05 15:09
Coca-Cola Icecek – Fitch Affirming BBB
(CCOLAT; -/BB+neg/BBB)
- Fitch affirming their BBB rating, citing revenue and EBITDA growth, while acknowledging FCF remains under pressure due to high capex.
- CCOLAT’s rating is insulated from the weaker parent AEFES (50.3%), due to its limited control arising from its voting rights (Note: S&P has ratings aligned with the parent). Fitch assigns Kazakhstan (BBB+) country ceiling (20% of 2024 EBITDA) as the agency believes the CF from Kazakhstan is sufficient to cover hard currency interest charges.
- Downward pressure could come form EBITDA margins below 16%, leverage above 2.5x and interest coverage below 6.5x or a downgrade to Kazakhstan.
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