NEW YORK (S&P Global Ratings) July 11, 2016--S&P Global Ratings today assigned its 'A' issue-level rating to Purchase, N.Y.-based food and beverage company PepsiCo Inc.'s proposed 12 year Euro 750 million senior unsecured notes. PepsiCo has indicated that it plans to use the net proceeds from this offering for general corporate purposes, including the repayment of its commercial paper. PepsiCo's strong brands, balanced portfolio of businesses (with leading and defendable market shares in the relatively stable non-alcoholic beverage and savory snack product categories), and improved operating execution underpin its business strength. We continue to expect the company to maintain fairly stable cash flow ratios. Although estimated debt to EBITDA modestly declined to 2.4x for the 12 months ended June 11,
