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Coca-Cola (KO; A1/A+) Moody Affirms at A1 Stable

CONSUMER STAPLES

  • Expects +2-4% headline growth in next 1-1.5yrs and EBITA margin around 35%. Sees most cash going to equity holders as reported net leverage of 1.5x sits well below target 2-2.5x. Moody's sees post-issuance leverage (all net supply for GCP and IRS tax case related payments today) at gross 3x.
  • Re. the tax issue with IRS, it has been ordered to pay $6b for period evaluated between 2007-2009. It will appeal that decision. Liabilities could increase as it is evaluated for the period post-2009. Moody's sees a final resolution taking years and seems to be okay with the overhanging risk as it notes the strong cash generation.

More from the FT on the tax dispute with IRS here

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