...July 25, 2019 CHICAGO (S&P Global Ratings) July 25, 2019--S&P Global Ratings today assigned its 'A+' issue-level rating to New York-based PepsiCo Inc.'s proposed senior unsecured notes. The company intends to use the net proceeds from the notes for general corporate purposes, including the repayment of commercial paper. All of our existing ratings on the company, 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 22 brands that each generate more than $1 billion in estimated annual retail sales. We assume PepsiCo will manage its increasingly aggressive growth plans--which include organic initiatives centered around expanding its production, distribution, marketing,...
