The leading market position in the global soft drink industry, with significant brand equity; Broad geographic diversification and extensive bottler network; An expanding product portfolio; yet Weak macroeconomic conditions in select markets within its bottler network. Very strong financial condition, cash flow, and liquidity; yet Exposure to changes in foreign currency exchange rates and commodity costs. The stable outlook reflects our expectation that The Coca-Cola Co. (Coke) will maintain a conservative financial policy, continue to generate significant free cash flow, and maintain credit measures that are at or near current levels. Specifically, we believe total debt to EBITDA will be about 2x or below and FFO to total debt will be above 40% over the next two years if the
