Leading market position in the global soft drink industry, with significant brand equity; Broad geographic diversification; An expanding product portfolio but concentration within nonalcoholic beverages; and Above-average EBITDA margin, projected to improve further after the refranchising of its bottling operations is completed. Credit metrics at the weaker end of our expectations during the next 12-24 months because of timing of refranchising of it bottling operations; Discretionary cash flows to be spent on strategic investments and share repurchases in 2016, but should steadily improve thereafter, allowing the company to improve credit measures; and Growing cash, short-term investment, and marketable securities balances, primarily outside the U.S. The stable outlook on The Coca-Cola Co. reflects S&P Global Rating' expectation that the company will
