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. Somewhat high debt levels; Competitive North American beverage markets; and Limited geographic diversity and limited ability 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' moderate debt levels, relatively narrow business focus, and participation in the mature and low-growth markets in which it competes temper these positives. DPS is a leading integrated brand owner, bottler, and distributor of nonalcoholic beverages in the U.S., Canada, Mexico, and
