NEW YORK (Standard&Poor's) April 28, 2015--Standard&Poor's Ratings Services today assigned its 'A-' issue-level rating to New York-based PepsiCo Inc.'s $2.5 billion senior unsecured notes issuance, consisting of: $250 million floating rate notes maturing 2018; 1.25% $500 million fixed rate notes maturing 2018; 1.85% $750 million fixed rate notes maturing 2020; and 2.75% $1 billion fixed rate notes maturing 2025. PepsiCo will issue the notes under the company's Rule 415 shelf registration. The 'A-' issue-level rating on the senior unsecured debt is one notch below our 'A' corporate credit rating on the company, reflecting our opinion that this debt is structurally subordinated to priority obligations at its operating entities. The operating entities generate almost all of the
