Leading market position in the global soft-drink industry Broad international diversification Strong financial condition and cash flow High leverage at key bottlers Competitive U.S. soft-drink market Uncertainties surrounding SEC inquiries and management turnover The ratings reflect The Coca-Cola Co.'s (Coke's) 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 mature U.S. carbonated soft drink (CSD) market, and an estimated worldwide CSD market share in the 50% area. Standard & Poor's views Coke and its bottlers as a system and analytically consolidates key bottlers, including Coca-Cola Enterprises Inc. (CCE) and Coca-Cola Hellenic Bottling
