NEW YORK (Standard&Poor's) Aug. 22, 2011--Standard&Poor's Ratings Services said today that it assigned its 'A-' senior unsecured debt rating to Purchase, N.Y.-based PepsiCo Inc.'s (A/Stable/A-1) $1.25 billion senior unsecured notes, composed of $500 million 0.8% notes due 2014 and $750 million 3% notes due 2021. The notes will be issued under the company's Rule 415 shelf registration. The senior unsecured debt rating is one notch below our corporate credit rating on the company, reflecting our opinion that the debt to be issued is structurally subordinated to priority obligations at its operating entities, which we believe generate virtually all of its cash flow and represent a significant portion of adjusted assets, but which do not guarantee this
