Significant brand equity and leading market position in the global soft drink industry; Broad geographic diversification; Expanding product portfolio, albeit concentrated within nonalcoholic beverages; and Above-average EBITDA margins, projected to improve further after the refranchising of bottling operations is completed. Credit metrics at the weaker end of our expectations over the next 12 to 18 months because of timing of refranchising of it bottling operations and Coca-Cola Beverages Africa acquisition; Discretionary cash flows should steadily improve after 2017, allowing the company to improve credit measures; and Growing cash, short-term investment, and marketable securities balances, primarily outside the U.S. The negative outlook on The Coca-Cola Co. reflects the risk that Coca-Cola may not sufficiently reduce leverage after completing its bottler refranchising
