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 the timing of refranchising of the company's bottling operations including the recently acquired Coca-Cola Beverages Africa; Discretionary cash flows should steadily improve after 2017, allowing the company to reduce debt to EBITDA closer to 2x; but Future financial policies and leverage targets remain uncertain until completion of refranchising. S&P Global Ratings' negative outlook on Atlanta, Ga.-based The Coca-Cola Co. reflects the risk
