The ratings reflect The Coca-Cola Co.'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 43% share in the mature U.S. carbonated soft drink (CSD) market and an estimated worldwide CSD market share of about 50%. Standard & Poor's views Coke and its bottlers as a system and analytically consolidates key bottlers, including Coca-Cola Enterprises Inc. (CCE) and Coca-Cola Hellenic Bottling Co. S.A. (CCHBC), although they are not consolidated for accounting purposes. (German bottler Coca-Cola Erfrischungsgetraenke AG, or CCEAG, is consolidated into Coke's financial statements in accordance with GAAP.) Although Coke has no legal obligation for
