By Josh Beckerman

S&P Global Ratings revised its outlook to negative from stable for Coca-Cola HBC AG, whose operations include Coca-Cola sales in Russia and Ukraine.

S&P, which affirmed the company's ratings, said Russia represented about 15.5% of total volume in 2021.

Last week, Coca-Cola Co. said it would suspend operations in Russia. As of Dec. 31, Coca-Cola Co. owned about 21% of Coca-Cola HBC.

In addition to "material disruptions" resulting from the suspension, Coca-Cola HBC faces issues including high commodity costs, S&P said.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

March 17, 2022 14:06 ET (18:06 GMT)

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