Coating composition including a film-forming component, further including (a) a product formed by reacting a mixture including carboxy functional polymer, hydroxy functional polymer, or a mixture thereof, or ethylenically unsaturated monomer, with epoxy resin, and (b) a polyvinyl alcoholic-containing phenolic resol resin. Also provided is a method of coating a metal substrate with said coating composition. Further provided is a composite material comprising a metal substrate having at least one surface covered with a cured film of the coating composition.