The ratings reflect Atlanta, Ga.-based The Coca-Cola Co.'s position as the world's largest manufacturer of nonalcoholic beverage concentrates and syrups, as well as its geographic diversification, which translates into strong profitability and cash flow. Strong brand awareness has contributed to Coke's approximately 43% leading share in the mature U.S. carbonated soft drink (CSD) market and an estimated worldwide CSD market share of 50%. The ratings also incorporate Coke's strong financial profile and relationship with two of its largest bottlers, Coca-Cola Enterprises Inc. (CCE) and Coca-Cola Hellenic Bottling Co. S.A. (CCHBC). Coke has a significant economic ownership interest of about 35% in CCE, the world's largest bottler of Coca-Cola beverages. CCE distributes almost 80% of Coke beverages sold in North America,
