The leading market position in the global soft drink industry; Broad international diversification; An expanding product portfolio; and Strong financial condition and cash flow. High debt levels; and Challenging conditions in the system's bottlers key markets. Standard&Poor's Ratings Services views The Coca-Cola Co. (Coke) and its select bottlers as a system (Coke System), and analytically consolidates key bottlers Coca-Cola Enterprises Inc. (CCE) and Coca-Cola Hellenic Bottling Co. S.A. (CCHBC), although they are not consolidated for accounting purposes. Even though Coke has no legal obligation for the debt of these bottlers, our ratings on CCE and CCHBC are based on Coke's significant incentive to keep them viable due to their strategic importance, Coke's ownership positions, the size of its
