NEW YORK (Standard&Poor's) Feb. 9, 2012--Standard&Poor's Ratings Services said today that its ratings and outlook on Purchase, N.Y.-based PepsiCo Inc. (A/Stable/A-1) are currently unchanged following the announcement of the company's 2011 fourth quarter earnings and 2012 outlook, along with expectations for increased share repurchase activity. PepsiCo expects its 2012 operating performance will weaken due primarily to a combination of higher commodity and pension costs, and increased marketplace investments that will more than offset planned accelerated productivity initiatives. The company's outlook also includes increased returns to shareholders in the form of higher dividends and share repurchases. PepsiCo expects share repurchases will be at least $3 billion in 2012, up from about $2.5 billion completed in 2011, which
