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

CHICAGO (S&P Global Ratings) Nov. 8, 2023--S&P Global Ratings today assigned its 'A+' issue-level rating to New York-based PepsiCo Inc.'s proposed senior unsecured notes (final amounts and maturities to be determined). The company will draw the notes from its shelf registration statement dated July 26, 2022. PepsiCo will use the net proceeds from the issuance for general corporate purposes, including to repay outstanding commercial paper borrowings. All of our other ratings on PepsiCo, including our 'A+' long-term issuer credit rating and stable outlook, are unchanged. The company'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

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