Diverse portfolio of brands, with good brand recognition; Stable margins despite raw material cost volatility; Limited geographic diversity and fewer expansion opportunities as the company does not own its carbonated soft drink (CSD) brands of U.S., Canada, Mexico, and Caribbean; and Above-average EBITDA margin. Good cash flow generation; and Credit measures that we expect to remain within the indicative ratio ranges for an "intermediate" financial risk profile. Our anchor of 'bbb+' is based on our "strong" business risk profile assessment and "intermediate" financial risk profile assessment for the company. The choice of anchor, given two potential outcomes ('a-' or 'bbb+'), reflects our assessment of the company's "strong" business risk profile is in the low-to-mid range relative to its comparably rated
