We believe The Coca-Cola Co.'s (Coke's) credit protection measures during the next 12 to 24 months will remain at the weaker end of our expectations for the rating. Coke's ability to significantly improve its credit metrics over that period relies on its ability and willingness to execute on its refranchising plan, improve earnings, and increase discretionary cash flow, including reducing share repurchases. We are affirming all ratings on the company, including the 'AA' corporate credit rating. We are revising the outlook to negative, reflecting the possibility of a lower rating if the company does not reduce debt and improve cash flow ratios over the next two years, including debt to EBITDA below 2x and funds from operations (FFO) to debt
