The ratings reflect Atlanta, Ga.-based The Coca-Cola Co.'s position as the world's largest manufacturer of non-alcoholic beverage 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 approximately 43% leading share in the mature U.S. carbonated soft drink (CSD) market and an estimated worldwide CSD market share of almost 51%. The ratings also incorporate Coke's strong financial profile and unique relationship with two of its largest bottlers, Coca-Cola Enterprises Inc. (CCE) and Coca-Cola Hellenic Bottling Co. S.A. (CCHBC). Coke has a significant economic ownership interest of about 35% in CCE, the world's largest bottler of Coca-Cola beverages. CCE distributes almost 80% of Coke beverages sold in
