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Credit FAQ: The "Coke System" and Other Rated Coke Bottlers
Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
The 'Coke system' includes The Coca-Cola Co. (A+/Stable/A-1), Coca-Cola Enterprises Inc. (A/Stable/A-1), and Coca-Cola Hellenic Bottling Co. S.A. (A/Stable/A-1). The Coca-Cola Co. (Coke) is the largest manufacturer, marketer, and distributor of soft-drink concentrates and syrups in the world, and has an estimated 44% of the U.S. carbonated soft-drink (CSD) market. Coca-Cola Enterprises (CCE) is the largest global bottler for Coke, with an estimated 4 billion unit cases of product distributed in 2003. Coke owns 37% of CCE, which currently provides about 80% of Coke's North American bottle and can volume and more than 20% of Coke's worldwide volume. CCE also provides 100% of Coke's volume in the Netherlands, Luxembourg, Belgium, Monaco, and the U.K., and provides most of its volume...
Companies mentioned in this report are: Coca-Cola Co. (The),Coca-Cola Enterprises Inc.,Panamerican Beverages, Inc.,Coca-Cola Femsa, S.A.B. de C.V.,Coca-Cola Hellenic Bottling Co. S.A.
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