PepsiCo Inc.'s Rule 415 Shelf Rated Prelim. 'A-'; $500 Million 30-Year Unsecured Notes Assigned 'A-' Rating

NEW YORK (Standard&Poor's) Oct. 17, 2014--Standard&Poor's Ratings Services today assigned its 'A-' preliminary rating to New York-based PepsiCo Inc.'s shelf registration statement registered on July 25, 2014, under Rule 415 of the securities and exchange commission. The company may sell a combination of common stock, debt securities, warrants, and units under the shelf registration. At the same time, we assigned our 'A-' issue-level rating to PepsiCo Inc.'s proposed $500 million 30-year senior unsecured notes. PepsiCo will issue the notes under the company's Rule 415 shelf registration. The 'A-' issue-level rating on the senior unsecured debt is one notch below our 'A' corporate credit rating on the company, reflecting our opinion that this debt is structurally subordinated

...NEW YORK (Standard & Poor's) Oct. 17, 2014--Standard & Poor's Ratings Services today assigned its 'A-' preliminary rating to New York-based PepsiCo Inc.'s shelf registration statement registered on July 25, 2014, under Rule 415 of the securities and exchange commission. The company may sell a combination of common stock, debt securities, warrants, and units under the shelf registration. At the same time, we assigned our 'A-' issue-level rating to PepsiCo Inc.'s proposed $500 million 30-year senior unsecured notes. PepsiCo will issue the notes under the company's Rule 415 shelf registration. The 'A-' issue-level rating on the senior unsecured debt is one notch below our 'A' corporate credit rating on the company, reflecting our opinion that this debt is structurally subordinated to priority obligations at its operating entities. The operating entities generate almost all of the company's cash flow and account for a significant portion of total assets, but do not guarantee this debt. PepsiCo...

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