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

NEW YORK (S&P Global Ratings) July 15, 2024--S&P Global Ratings today assigned its 'A+' issue-level rating to PepsiCo Inc.'s proposed senior unsecured notes (final amounts and maturities to be determined). The company will use the net proceeds from this issuance for general corporate purposes, including to repay its outstanding commercial paper borrowings. PepsiCo will draw the notes from its shelf registration statement dated Feb. 12, 2024. The company reported that the expansion in its sales was modestly weaker than expected in its second quarter ended June 15, 2024. PepsiCo's weaker-than-anticipated sales largely reflected a higher than expected 4% year-over-year decline in the organic sales in its key Frito Lay North America Division and a 3.5% decline in its Pepsi Bottling

...July 15, 2024 NEW YORK (S&P Global Ratings) July 15, 2024--S&P Global Ratings today assigned its 'A+' issue-level rating to PepsiCo Inc.'s proposed senior unsecured notes (final amounts and maturities to be determined). The company will use the net proceeds from this issuance for general corporate purposes, including to repay its outstanding commercial paper borrowings. PepsiCo will draw the notes from its shelf registration statement dated Feb. 12, 2024. The company reported that the expansion in its sales was modestly weaker than expected in its second quarter ended June 15, 2024. PepsiCo's weaker-than-anticipated sales largely reflected a higher than expected 4% year-over-year decline in the organic sales in its key Frito Lay North America Division and a 3.5% decline in its Pepsi Bottling North America division. The performances of the company's other divisions were largely in line with our expectations. Nonetheless, PepsiCo's margins outperformed our expectations because an increase...

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