Coca-Cola Hellenic Bottling Co. SA bondholders are losingconfidence in the firm's plan to leave Greece on concern the costof the move will trigger a credit-rating downgrade for the nation'sbiggest company.

The extra yield investors demand to own Coca-Cola Hellenic'smost-traded notes over the safest government debt plunged onepercentage point on Oct. 12, the day after the company said itplanned to move its headquarters to Switzerland. Since then, thespread on the 4.25 percent bond due 2016 has widened by 0.61percentage point to 232 basis points.

While the world's second-largest Coke bottler says it will getcheaper funding by exiting a nation that has contracted for 17quarters as strikes and protests against austerity measuresparalyze the economy, the notes have lost almost 60 percent of thegain on speculation the move will add too much debt. Moody'sInvestors Service says Coca-Cola Hellenic may need to borrow ahalf-billion euros ($640 million), about twice its net income inthe first nine months of 2012, and jeopardize its Baa1 rating.