Leading market position in the global soft-drink industry; Broad international diversification; and Strong financial condition and cash flow. High leverage at key bottler CCE; Competitive U.S. soft-drink market; and Uncertainties surrounding management turnover. The ratings reflect The Coca-Cola Co.'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 43% share in the mature U.S. carbonated soft drink (CSD) market and an estimated worldwide CSD market share of about 50%. Standard & Poor's Ratings Services views Coke and its bottlers as a system and analytically consolidates key bottlers, including Coca-Cola Enterprises Inc. (CCE) and Coca-Cola Hellenic Bottling
