NEW YORK (Standard&Poor's) April 23, 2014--Standard&Poor's Ratings Services today assigned its 'A-' issue-level rating to New York-based PepsiCo Inc.'s proposed €1 billion senior unsecured notes, consisting of €500 million seven-year notes and €500 million 12-year notes. PepsiCo will issue the notes under the company's Rule 415 shelf registration. The 'A-' issue-level rating on the senior unsecured debt is one notch below our 'A' corporate credit rating on the company, reflecting our opinion that this debt is structurally subordinated to priority obligations at its operating entities. The operating entities generate almost all of the company's cash flow and account for a significant portion of total assets, but do not guarantee this debt. PepsiCo has indicated that it
