NEW YORK (Standard&Poor's) Aug. 8, 2012--Standard&Poor's Ratings Services today assigned its 'A-' senior unsecured debt rating to Purchase, N.Y.-based PepsiCo Inc.'s (A/Stable/A-1) proposed senior unsecured notes consisting of a three-year, five-year, and 10-year fixed-rate tranches (actual amounts and maturity dates to be finalized at the close of the transaction). PepsiCo will issue the notes under the company's Rule 415 shelf registration. Our rating on PepsiCo's senior unsecured debt, which is at the holding company, reflects our opinion that this debt is structurally subordinated to priority obligations at its operating entities, which generate substantially all of its cash flow and account for a significant portion of total assets but do not guarantee this debt. PepsiCo has indicated
