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NEW YORK (TheStreet) -- Shares of Coca-Cola (KO) - Get Coca-Cola Company Report are down by 1.92% to $44.44 on Friday morning, as the battle against sugary drinks continues with Philadelphia becoming the first major U.S. city to issue a soda tax.

The 1.5 cent per ounce tax was announced on Thursday.

The beverage industry had designed a multimillion dollar campaign to block the tax, Fox Business reports. There is a similar law in California, but the plan has failed in 30 other cities and states recently.

However, studies have shown that consumers did not change their calorie intake in cities with this tax, according to this morning's Varney & Co.

"People's consumption did not change at all. Mexico's had this since 2014. Obesity rates have not changed one bit," host Stuart Varney said. Anchors on Varney & Co. went on to discuss how the tax hurts the poor, who are more inclined to consume sugary drinks and will be the ones that end up paying more.

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Coca-Cola is an Atlanta-based beverage maker with brands including Coca-Cola, Sprite, Fanta, Diet Coke, Dasani, VitaminWater, smart water, and more.

Separately, TheStreet Ratings has set a "buy" rating and a score of A- on Coca-Cola stock. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that TheStreet Ratings covers.

The company's strengths can be seen in multiple areas, such as its notable return on equity, solid stock price performance and expanding profit margins. TheStreet Ratings feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that it evaluated.

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: KO

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