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

Nevin Barich

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.

RATINGS RATIONALE

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 www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

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