The ratings reflect The Coca-Cola Co.'s (Coke) 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 more mature U.S. carbonated soft drink (CSD) market and growth to an estimated worldwide CSD market share in the 50% area. Standard & Poor's views Coke and its bottlers as a system and analytically reconsolidates key bottlers, including Coca-Cola Enterprises (CCE) and Coca-Cola HBC (CCHBC). While Coke has no legal obligation for the debt of CCE or CCHBC, Standard & Poor's ratings for CCE and CCHBC are based on Coke's significant incentive to keep these bottlers
