Ratings reflect The Coca-Cola Co.'s (Coke) position as the world's largest manufacturer of soft-drink concentrates and syrups, as well as its geographic diversification, which translates into strong profitability and cash flow. Strong brand awareness has contributed to Coke's leading 44% share in the more mature U.S. carbonated soft drink (CSD) market, and growth to an estimated worldwide CSD market share in the 50% area. Standard & Poor's views Coke and its bottlers as a system and analytically reconsolidates key bottlers, including Coca-Cola Enterprises (CCE), Coca-Cola HBC (CCHBC) and, until recently, Coca-Cola Amatil (CCA). (CCA ratings are on CreditWatch with negative implications and will be delinked from the system ratings subsequent to CCA's planned divestment of its Philippine bottling operations.) While
