Diversified product offerings; Strong market positions and brand names; Solid cash flow; and Geographic diversification. Highly competitive nonalcoholic beverage, snack, and cereal markets (especially in U.S.); Exposure to volatile commodity costs and foreign currency exchange rates; Realizing the expected benefits from its multiyear productivity plan; and Aggressive financial policy, including a history of sizable share repurchases. The ratings on Purchase, N.Y.-based PepsiCo Inc. continue to reflect Standard&Poor's Ratings Services' assessment of the company's business risk profile as "excellent" and financial risk profile as "intermediate." Key credit factors in our business risk assessment include the company's balanced portfolio of businesses, with its strong positions and well-known brands in the relatively stable, cash-generating liquid refreshment beverage and snack food industries,
