...February 5, 2025 NEW YORK (S&P Global Ratings) Feb. 5, 2025--S&P Global Ratings today assigned its 'A+' issue- level rating to PepsiCo Inc.'s proposed senior unsecured notes (final amounts and maturities to be determined). The company will use the net proceeds from this issuance for general corporate purposes, including to repay its outstanding commercial paper borrowings. PepsiCo will draw the notes from its shelf registration statement dated Feb. 12, 2024. Our issuer credit rating on PepsiCo remains `A+' with a stable outlook. After reporting a largely flat year-over year topline in fiscal 2024 we continue to project a muted 1.5%-2.5% sales growth rebound for 2025, largely in line with the company's guidance for next year but below the company's long-term annual growth expectations of 4%-6%. We believe North American sales will likely be pressured by a value-oriented consumer at least into the first half of this year. International organic sales growth continues to be stronger, and we...
