The leading market position in the global soft drink industry, with significant brand equity; Broad geographic diversification and an extensive bottler network; An expanding product portfolio but concentrated within nonalcoholic beverages; and An above-average EBITDA margin, albeit projected to be somewhat pressured over the next 12 to 18 months. Strong credit metrics, but at the weaker end of our expectations during the next 12 to 24 months; Discretionary cash flows to be spent on strategic investments and share repurchases in 2015, 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 negative outlook reflects the likelihood that we could lower the rating if the
