PepsiCo Inc.'s Proposed Senior Unsecured Euro-Denominated Notes Rated 'A+'

CHICAGO (S&P Global Ratings) April 29, 2020--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 amounts and maturities to be determined). The company will use the net proceeds from this net leverage-neutral offering for general corporate purposes, including the repayment of commercial paper. The notes will rank pari passu with the company's existing senior unsecured debt. All of our existing ratings on the company, including our 'A+' long-term issuer credit rating, are unchanged. The outlook is stable. In our view, PepsiCo is in a relatively good position to withstand the economic fallout from the coronavirus crisis with only modest near-term credit ratio deterioration expected. This is because of the

...April 29, 2020 CHICAGO (S&P Global Ratings) April 29, 2020--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 amounts and maturities to be determined). The company will use the net proceeds from this net leverage-neutral offering for general corporate purposes, including the repayment of commercial paper. The notes will rank pari passu with the company's existing senior unsecured debt. All of our existing ratings on the company, including our 'A+' long-term issuer credit rating, are unchanged. The outlook is stable. In our view, PepsiCo is in a relatively good position to withstand the economic fallout from the coronavirus crisis with only modest near-term credit ratio deterioration expected. This is because of the solid expected performance of the company's sizable snack portfolio (about 55% of sales) and moderate away-from-home beverage exposure, which we believe represents less than 15%...

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