Diversified product offerings; Strong market positions; Solid cash flow and credit protection measures; and Growing international contribution. Competitive U.S. beverage and cereal markets; and A sizable share repurchase program. The ratings on Purchase, N.Y.-based PepsiCo Inc. reflect its balanced portfolio of businesses, with its strong positions in the relatively stable, cash-generating soft drink industry and faster-growing noncarbonated beverage and snack food industries, and strong financial profile. 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 the snack food market and several segments of the noncarbonated beverage category. PepsiCo also has a competitive position in the hot and cold cereal markets. The ratings also incorporate PepsiCo's unique relationship
