Portfolio of brands with good brand recognition; Good cash flow generation; and Intermediate financial policies, including continued commitment to debt reduction in the near term. High debt levels; Competitive North American beverage markets; and Limited geographic diversity and inability to expand outside North America. The ratings on Plano, Texas-based Dr Pepper Snapple Group Inc. (DPS) reflect its position as the third-largest soft drink company in North America, its good brand recognition, and cash flow generation. However, DPS' significant debt levels, narrow business focus, and the challenging industry conditions in the mature and low-growth markets in which it competes offset these positives. DPS is a leading integrated brand owner, bottler, and distributor of nonalcoholic beverages in the U.S., Canada, Mexico, and
