The ratings on The Coca-Cola Co. (Coke) reflect our assessment of the company's business risk profile as "excellent" and financial risk profile as "modest." Key credit factors in our business risk assessment include its very strong position as the world's largest nonalcoholic beverage company, anchored by well-known brands, as well as its geographic diversification, which we believe will continue to translate into very strong profitability and cash flow. Our modest financial risk profile incorporates our belief that Coke's financial policies are conservative and liquidity is "strong." Coke's key credit measures are near the indicative ratio ranges for a modest financial risk profile, which includes total debt to EBITDA in the range of 1.5x to 2.0x and funds from operations (FFO)
