...+ The Coca-Cola Co.'s (Coke's) credit measures remain weaker than our expectations following the completion of its North American bottling divestitures (or refranchising), including debt to EBITDA of about 2.6x for the 12 months ended March 31, 2018. + In addition, the company has formalized a debt to EBITDA target in the 2 to 2.5x range, which, after including our standard debt adjustments, will likely mean the company will sustain a debt to EBITDA ratio closer to 2.5x over our outlook horizon. + Our revised leverage outlook is higher than our previous expectation for leverage to revert closer to 2x or below at the completion of the company's North America refranchising, so we are lowering all ratings, including the corporate credit rating one notch to 'A+' and the short-term and commercial paper rating to 'A-1'. + The outlook is stable, reflecting our expectation that leverage will be sustained below 2.5x primarily because of ongoing EBITDA growth from a combination of moderate top-line...
