Diversified product offerings Strong market positions Solid cash flow and creditor protection measures Limited (though growing) international contribution Competitive U.S. beverage and cereal markets Sizable share repurchase program The ratings reflect PepsiCo Inc.'s balanced portfolio of businesses, with its strong positions in the stable and cash-generating soft-drink industry and faster growing juice and snack-food industries. PepsiCo is the world's second-largest manufacturer of soft-drink concentrates and syrups, and holds the No. 1 position in the U.S. in both the chilled orange juice and snack-chip markets. PepsiCo also has a very strong position in the growing sports drink market, as well as a competitive position in the hot and cold cereal markets. The ratings also incorporate PepsiCo's strong financial profile and unique
