...NEW YORK (Standard & Poor's) Oct. 22, 2015--Standard & Poor's Ratings Services today assigned its '##' issue-level rating to Atlanta-based The Coca-Cola Co.'s (Coke's) proposed senior unsecured notes due 2017, 2020, and 2025, final terms to be determined. These notes will be issued under the company's shelf registration and the company intends to use the net proceeds for general corporate purposes. Given Coke's ongoing bottler refranchising efforts, restructuring expenditures, and, to a lesser degree, the top-line and margin pressure from foreign currency, we believe the company's credit measures will remain at the weak end of our cash flow ratio benchmarks for the rating, including adjusted debt to EBITDA above 2x and funds from operations to debt below 45% through 2016 before improving to historical levels (less than 2x and more than 45%, respectively) in 2017. Coke benefits from its very strong position as the world's largest nonalcoholic beverage company, anchored by well-known brands,...
