Moody's assigns Aa3 rating to Coca-Cola's proposed floating rate notes due 2015; outlook stable

NEW YORK , March 4, 2014 (press release) – Moody's Investors Service today assigned its Aa3 rating to The Coca-Cola Company's proposed floating rate notes due 2015. Proceeds will be used to repay commercial paper. All other ratings for the company remain unchanged. The rating outlook is stable.


The Coca-Cola Company's Aa3 rating and stable outlook reflect the system's leading position in the global carbonated soft drink ("CSD") industry, including its ownership of one of the most valuable consumer brands in the world, a highly-diverse global operation network, a growing non-carbonated portfolio and unrivaled distribution. These strong qualitative factors are tempered by the need for additional investments for its owned bottling operations, declining carbonated beverage consumption in certain markets and the challenges of a global macroeconomic environment, which includes slower growth in some emerging markets. Gross system debt to EBITDA has crept up in recent years up as cash balances have been building overseas, but net leverage has remained relatively stable.

The Coca-Cola Company ("Coca-Cola"), based in Atlanta, Georgia, is the world's largest manufacturer, marketer and distributor of nonalcoholic beverage concentrates and syrups.

The principal methodology used in this rating was the Global Soft Beverage Industry published in May 2013. Please see the Credit Policy page on for a copy of this methodology.


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