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 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). (As of 2002, German bottler Coca-Cola ErfrischungsgetrSnke AG or CCEAG was reconsolidated into Coke's financial statements.) While Coke has no legal obligation for the debt of CCE, CCHBC, or CCEAG, Standard & Poor's ratings
