...NEW YORK (S&P Global Ratings) Feb. 27, 2017--S&P Global Ratings today assigned its '##-' issue-level rating to Atlanta-based The Coca-Cola Co.'s (Coke's) proposed euro floating rate notes due 2019, and euro fixed rate notes due 2021 and 2024; final amounts and terms to be determined upon the close of the transaction. The company is drawing these notes under its shelf registration and we believe it will use the net proceeds to repay short- and long-term borrowings. Coke strongly benefits from its leading position as the world's largest nonalcoholic beverage company, anchored by well-known brands, above-average EBITDA margins, and broad geographic diversification, including an extensive global network of affiliated bottlers. We believe this clearly outweighs the company's fairly narrow focus on nonalcoholic ready-to-drink beverages and negative public sentiment toward the high sugar content of certain carbonated soft drink (CSD) categories, including its leading Coca-Cola product. Coke's...
