...October 7, 2021 CHICAGO (S&P Global Ratings) Oct. 7, 2021--S&P Global Ratings today assigned its 'A+' issue-level rating to New York-based PepsiCo Inc.'s proposed senior unsecured euro-denominated notes (final amount and maturity to be determined). We expect PepsiCo to use the net proceeds from this leverage-neutral offering to fund a portion of the purchases in the tender offers announced on Oct. 6, 2021, and pay premiums offered to tendering noteholders in the tender offers. The notes will rank pari passu with the company's other senior unsecured debt. All our other ratings on PepsiCo, including our 'A+' long-term issuer credit rating, are unchanged. The outlook is stable. PepsiCo's business strength is underpinned by its strong brands, balanced portfolio of businesses (with leading and defendable market shares in the relatively stable nonalcoholic beverage and savory snack product categories), and improved operating execution. The company's portfolio includes 23 brands that each generate...
