The ratings reflect The Coca-Cola Co.'s (Coke's) 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 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 Inc. (CCE) and Coca-Cola HBC (CCHBC). (As of 2002, German bottler Coca-Cola Erfrischungsgetränke AG, or CCEAG, was reconsolidated into Coke's financial statements.) While Coke has no legal obligation for the debt of these bottlers, Standard&Poor's ratings on
