CHICAGO (S&P Global Ratings) July 14, 2022--S&P Global Ratings today assigned its 'A+' issue-level rating to New York-based PepsiCo Inc.'s proposed senior unsecured, U.S. dollar-denominated notes (final amounts and maturities to be determined). The proposed notes will include a tranche whereby an amount equivalent to the net proceeds will be designated for eligible green projects (defined in the preliminary offering memorandum as including new and existing investments made by PepsiCo from Jan. 1, 2020, through the maturity date of the notes). Pending allocation to eligible green projects, net proceeds from the green bond offering may be temporarily invested or otherwise maintained in cash, cash equivalents, or short-term investments, or used to repay other borrowings. PepsiCo will use net proceeds from
