NEW YORK (Standard&Poor's) July 26, 2013--Standard&Poor's Ratings Services today assigned its 'A-' senior unsecured debt rating to Purchase, N.Y.-based PepsiCo Inc.'s $1.7 billion senior unsecured notes consisting of an $850 million floating rate notes due 2015 and an $850 million 2.25% notes due 2019. PepsiCo will issue the notes under the company's Rule 415 shelf registration. Our rating on PepsiCo's senior unsecured debt, which is at the holding company, reflects our opinion that this debt is structurally subordinated to priority obligations at its operating entities, which generate substantially all of its cash flow and account for a significant portion of total assets but do not guarantee this debt. PepsiCo has indicated that it plans to use
