CHICAGO, Jul 17, 2008 (BUSINESS WIRE) -- Coca-Cola Enterprises, Inc.'s (NYSE: CCE) ratings are unaffected
by the company's announcements today, according to Fitch Ratings. CCE
reported earnings for the second quarter ended June 27, 2008,
recording a significant net loss due to a non-cash $5.3 billion
pre-tax impairment charge related to its North American franchise
license intangible assets. The company also revised its 2008 full-year
adjusted EPS guidance down 10 cents per share from a range of $1.50 to
$1.55 to a range of $1.40 to $1.45.

The impairment charge was due to a re-assessment of the fair value
of the North American franchise license assets as the company
experiences near-term declines in operating income. While this is the
second impairment charge for these intangible assets in the past two
years and further impairments may become necessary should the business
deteriorate more than anticipated, Fitch believes the longer term cash
flow generating ability of the company remains strong.

While CCE's credit statistics will be modestly weaker as a result
of the difficulties experienced by its U.S. operations, the company's
ratings are considered within the context of the credit profile of the
Coca-Cola system, which comprises The Coca-Cola Company and its
significant and/or strategic bottlers, of which CCE is the largest.
CCE's ratings reflect its continued importance within the Coca-Cola
bottling system, its ongoing debt reduction and its strengthening
non-carbonated beverage line-up.

The company's current ratings incorporate expectations of near
term operating pressures from the inflationary commodity cost
environment and weaker consumer demand. Despite the challenging
environment, which is negatively impacting the company's margins, CCE
continues to generate substantial discretionary cash flow. The company
anticipates generating $675 million in free cash flow in 2008, in line
with Fitch's expectations.

For the last twelve months ended June 27, 2008, the company's
credit statistics were in line with Fitch's expectations. Total
debt-to-operating earnings before interest, taxes, depreciation and
amortization (EBITDA) was approximately 3.9 times (x) and operating
EBITDA-to-gross interest expense was roughly 4.1x.

For the year ended Dec. 31, 2007, total debt-to-operating EBITDA
on an aggregated basis was 1.8x for the Coca-Cola system. The system's
FFO fixed charge coverage on an aggregated basis was 6.8x.

Fitch rates CCE and its subsidiaries as follows:

Coca-Cola Enterprises Inc.:

--Long-term Issuer Default Rating (IDR) 'A';

--Bank credit facility 'A';

--Senior unsecured debt 'A';

--Short-term IDR 'F1';

--Commercial Paper 'F1'.

Coca-Cola Enterprises Finance LT 1 Commandite S.C.A.:

--Long-term IDR 'A';

--Senior unsecured debt 'A'.

Bottling Holdings (Luxembourg) Commandite S.C.A.:

--Short-term IDR 'F1';

--Commercial Paper 'F1'.

The Ratings Outlook is Stable.

For further information review Fitch's press release 'Fitch Rates
Coca-Cola Enterprises, Inc.'s $275MM Floating-Rate Notes 'A'; Outlook
Stable' dated May 7, 2008 and available on the Fitch Ratings web site
www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings
are available on the agency's public site, www.fitchratings.com.
Published ratings, criteria and methodologies are available from this
site, at all times. Fitch's code of conduct, confidentiality,
conflicts of interest, affiliate firewall, compliance and other
relevant policies and procedures are also available from the 'Code of
Conduct' section of this site.

SOURCE: Fitch Ratings

Fitch Ratings
Wesley E. Moultrie II, CPA, +1-312-368-3186 (Chicago)
Christopher M. Collins, +1-312-368-3196 (Chicago)
Carla Norfleet Taylor, CFA, +1-312-368-3195 (Chicago)
Media Relations:
Brian Bertsch, +1-212-908-0549 (New York)

Copyright Business Wire 2008