Leading market position in the global soft-drink industry; Broad international diversification; and Strong financial condition and cash flow. High leverage at key bottler Coca-Cola Enterprises Inc. (CCE); and Competitive U.S. soft-drink market. The ratings reflect Atlanta, Ga.-based The Coca-Cola Co.'s position as the world's largest manufacturer of non-alcoholic beverage 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%. The ratings also incorporate Coke's strong financial profile and unique relationship with two of its largest bottlers, Coca-Cola Enterprises Inc. (CCE) and Coca-Cola Helenic Bottling
