Diversified product offerings; Strong market positions; and Solid cash flow and creditor protection measures. Limited (though growing) international contribution; Competitive U.S. beverage and cereal markets; and Sizable share repurchase program. The ratings reflect Purchase, N.Y.-based PepsiCo Inc.'s balanced portfolio of businesses, with its strong positions in the stable, 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 number-one 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
