NEW YORK (Standard&Poor's) July 23, 2008--Standard&Poor's Ratings Services said today that the ratings and outlook on Purchase, N.Y.-based PepsiCo Inc. (A+/Stable/A-1), Somers, N.Y.-based The Pepsi Bottling Group Inc. (PBG; A/Stable/A-1), and Minneapolis, Minn.-based PepsiAmericas Inc. (PAS; A/Stable/A-1) would be unaffected by the announcement that PepsiCo will increase its 2008 share repurchases by $1 billion for a total of $5.3 billion. Standard&Poor's analytically consolidates PepsiCo, PBG, and PAS (given their strategic importance to each other), and maintains the ratings for the three entities as one system. (For additional information, see "Credit FAQ: The Pepsi System," dated Feb. 13, 2007.) Pro forma for the pending joint acquisition of JSC Lebedyansky and PepsiCo repurchasing $5.3 billion in
