Corporate Credit Rating: A/Stable/A-1 Standard & Poor's said today that there would be no impact on PepsiCo Inc.'s credit ratings or outlook following the announcement that the company's board has authorized a new share repurchase program to buy back $4 billion worth of stock over the next three years. The new program will go into effect when the current $3 billion program is complete, expected in early 2001. Standard & Poor's believes that PepsiCo's share repurchases will be adjusted depending on excess cash levels and internally generated cash flow, and that management will continue to implement financial policies that will maintain debt protection measures appropriate for the credit ratings.
