Fitch Rates Coca-Cola Enterprises' 350MM Euro Notes 'BBB+'; Outlook Stable

Fitch Ratings has assigned a 'BBB+' rating to Coca-Cola Enterprises, Inc.'s

newly issued 350 million Euro 2.00% senior unsecured notes due Dec. 5, 2019. The Rating Outlook is Stable. The new notes rank on equal footing with CCE's existing senior unsecured indebtedness. The notes are being issued under the company's fiscal agency agreement effective Aug. 2, 2012. Significant covenants include, but are not limited to, limitations on liens and restrictions on sale-leaseback transactions. The notes are redeemable by CCE subject to a make-whole provision. CCE had approximately $3.2 billion of debt at June 29, 2012. CCE plans to use the net proceeds of this offering for general corporate purposes, which may include refinancing of commercial paper, share repurchases, and the repayment of indebtedness. At June 29, 2012, CCE had $396 million of debt maturities over the next 12 months, including $166 million of commercial paper. The majority of CCE's debt obligations remain dollar-denominated. However, today's issuance helps narrow the currency mismatch between the firm's debt balances and its cash flow.