NEW YORK (Standard&Poor's) May 2, 2007--Standard&Poor's Ratings Services said today that there would be no effect on the ratings or outlook on Purchase, N.Y.-based PepsiCo Inc. (A+/Stable/A-1) 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. The company increased its dividend payout target to 50% of prior year's earnings, and raised its annual dividend to $1.50 per share, from $1.20 per share. In addition, the Board authorized repurchasing up to an additional $8 billion through mid-2010, once the current $8.5 billion share repurchase authorization is complete ($6 billion remains available). PepsiCo expects share repurchases of $4.3 billion in 2007, and annual
