...NEW YORK (S&P Global Ratings) May 1, 2017--S&P Global Ratings today assigned its 'A+' issue-level rating to Purchase, N.Y.-based food and beverage company PepsiCo Inc.'s proposed senior unsecured Canadian dollar (CAD) notes, final amounts and maturity to be determined. At the same time, we assigned our 'A+' ratings to the company's $350 million and $400 million senior unsecured floating rate notes due in 2019 and 2022, respectively, issued on April 27, 2017. PepsiCo has indicated it plans to use the net proceeds from this offering for general corporate purposes, including the repayment of commercial paper. The majority of PepsiCo's senior unsecured debt is issued by the group holding company, PepsiCo Inc., but the group still maintains significant priority obligations at its operating entities. These entities generate virtually all of the group's cash flow, represent a significant portion of adjusted assets, and do not guarantee the holding company's senior unsecured debt. We estimate the...
