Standard & Poor's said today that there would be no impact on the credit ratings or outlook on PepsiCo Inc. (A/Stable/A-1) following the announcement that the company will resume share repurchases immediately under the terms of an emergency relief order announced on September 14 by the Securities and Exchange Commission (SEC). PepsiCo's board has authorized a buyback of up to $2 billion worth of its common stock over the next five business days, after which the near term prohibition of share repurchases under the pooling-of-interest accounting treatment associated with the acquisition of the Quaker Oats Co. (A/Stable/--) will resume. Standard & Poor's believes that PepsiCo's share repurchases will be funded largely from existing strong cash balances, and that management will
