DBRS Places Cadbury Schweppes Under Review with Developing Implications

DBRS has today placed the ratings of Cadbury Schweppes plc and related entities (collectively Cadbury Schweppes or the Company) Under Review with Developing Implications.

The action follows Cadbury Schweppes’ announcement that it intends to separate its Confectionary and Americas Beverage businesses. The Company’s board will evaluate various options and provide more detail on the mechanism for separating the Americas Beverage unit and the Confectionary business plan going forward on June 19, 2007 (the originally scheduled date for the Company’s trading update).

Cadbury Schweppes generated revenue of £7,427 million and operating income of £1,070 million (after approximately £150 million of corporate expenses, but excluding restructuring and other non-recurring items) for the full year ending December 31, 2006. Of these totals, American Beverages represented £2,556 million (or 34%) of revenue and £584 million in operating income. Cadbury Schweppes had total gross debt of approximately £3.3 billion outstanding at December 31, 2006.

DBRS will resolve the Under Review status once the corporate structure (including capitalization), business plans and financial strategies of the respective entities have been determined and reviewed.

Note:
Issuer ratings apply to all general senior unsecured obligations of the issuer in question.