NEW YORK (Standard&Poor's) Dec. 3, 2003--Standard&Poor's Ratings Services said today there would be no impact on PepsiCo Inc.'s (A+/Stable/A-1) ratings or outlook following the company's announcement that it would be taking a series of restructuring actions in the fourth quarter of 2003 to streamline its businesses. These actions will affect the company's North American beverage unit, PepsiCo International, and Frito Lay North America. Restructuring within these businesses will include headcount reduction, management reorganization, and a plant closing. These steps are expected to result in increased productivity, efficiencies, and cost savings. Standard&Poor's estimates that total costs associated with these actions will be approximately $100 million in the fourth quarter. PepsiCo also announced changes in its
