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

CHICAGO (S&P Global Ratings) Oct. 5, 2020--S&P Global Ratings today assigned its 'A+' issue-level rating to Purchase, New York-based PepsiCo Inc.'s proposed senior unsecured notes (final amounts and maturities to be determined). The proposed issuance will consist of euro-denominated and U.S.-dollar-denominated notes. 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 remains in a relatively good position to navigate the uneven economy and downside risk should the fallout from

...October 5, 2020 CHICAGO (S&P Global Ratings) Oct. 5, 2020--S&P Global Ratings today assigned its 'A+' issue-level rating to Purchase, New York-based PepsiCo Inc.'s proposed senior unsecured notes (final amounts and maturities to be determined). The proposed issuance will consist of euro-denominated and U.S.-dollar-denominated notes. 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 remains in a relatively good position to navigate the uneven economy and downside risk should the fallout from the coronavirus pandemic linger. This is because of the solid expected performance of the company's sizable snack portfolio (about 55% of sales) and moderate away-from-home...

Ratings Action