NEW YORK (Standard&Poor's) May 3, 2011--Standard&Poor's Ratings Services said today that it assigned its 'A-' issue-level rating to PepsiCo Inc.'s senior unsecured note offering, consisting of two year and five year tranches. The company issued the notes under its Rule 415 shelf registration. PepsiCo has indicated that it plans to use the net proceeds from this offering for general corporate purposes. PepsiCo's senior unsecured debt rating, 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 which do not guarantee this debt. Our 'A' corporate credit
