NEW YORK (Standard&Poor's) March 30, 2004--Standard&Poor's Ratings Services said today that there would be no effect on PepsiCo Inc.'s (A+/Stable/A-1) ratings or outlook following the company's announcement that it has raised the annual dividend on its common stock and increased the authorization on its share repurchase program. PepsiCo raised its annual dividend to 92 cents per share from 64 cents per share. Standard&Poor's estimates that PepsiCo's annual dividend will rise to about $1.57 billion, a substantial 44% annual payout increase from about $1.07 billion in 2003. The PepsiCo board also authorized an additional $7 billion share repurchase program over the next three years, once the current authorization (with about $200 million remaining) is complete.
