...Major Regional Bottler: Fitch views the merger between the three important European Coca Cola bottlers which gave birth to Coca Cola European Partners plc (CCEP) as a significant step toward improving the long-term sustainability of cash generation for the Coca Cola system's underlying business operations in western Europe. The merger of Coca-Cola Enterprises Inc, Coca Cola Iberian Partners and Coca Cola Erfrischungsgetraenke GmbH has created a bottler with substantial operational scale, providing synergies, better leverage, best practice and scope for a more coordinated operational strategy across 13 neighbouring countries. This should increase efficiencies, thus improving CCEP's ability to invest behind the brands. Strong Market Position: The ratings reflect CCEP's stable cash flows, strong market position, and exclusive right to manufacture, sell and distribute Coca Cola brand beverages in western Europe. Coca Cola products have leading market shares that allow for premium pricing of...
