NEW YORK (Standard & Poor's) July 26, 2005--Standard & Poor's Ratings Services said today that there would be no effect on the ratings or outlook on PepsiCo Inc. (A+/Stable/A-1) following the company's announcement that it will repatriate up to $7.5 billion of international earnings under the provisions of the American Jobs Creation Act (AJCA), and that the tax expense of $475 million associated with the repatriation will be recorded in the third quarter of 2005. PepsiCo also announced that it would contribute up to $800 million of cash to its pension plan, up from earlier expectations of $400 million. Timing of the tax payment has not been determined, and financial details of the repatriation, including timing, financing and use of
