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 integrating PBG and PAS; and Aggressive financial policy, including history of sizable share repurchases. Standard&Poor's Ratings Services' ratings on Purchase, N.Y.-based PepsiCo Inc. continues to reflect our view of the company's excellent business risk assessment, stemming from the company's position as one of the world's largest food and beverage companies. In our view the company has a balanced portfolio of businesses with strong positions and well-known brands in the relatively stable, cash-generating soft drink and convenient food
