...The rating affirmation in December 2019 reflects Fitch Ratings' expectations of Coca-Cola European Partners plc's (CCEP) stable operating performance in 2019-2022, with low-to-mid single-digit revenue growth and resilient profitability, translating into healthy operating cash flow. We expect CCEP to restore its leverage headroom from 2020, assuming no material changes in the group's dividend policy or new share buybacks at least in 2020. The ratings are also supported by CCEP's strong positions in the soft drinks markets of western Europe with demonstrated capabilities to withstand market pressures. The Issuer Default Rating (IDR) incorporates one-notch uplift from the group's standalone credit profile (SCP) to reflect strategic support from The Coca Cola Company (TCCC; A/Stable)....
