On March 25, 2008, Standard&Poor's Ratings Services assigned its 'BBB-' corporate credit rating to Dr Pepper Snapple Group Inc. (DPS). The outlook is negative. In addition, we assigned a 'BBB-' rating to the company's $2.4 billion senior unsecured credit facility due 2013, consisting of a $1.9 billion term loan A and $500 million revolving credit facility. The facilities will be guaranteed by each of DPS' direct and indirect, existing and future, domestic material subsidiaries. Net proceeds from the company's term loan and $2 billion, 364-day senior unsecured bridge facility (unrated) will finance DPS' planned separation from Cadbury Schweppes PLC. The bridge facility is expected to be refinanced by a $2 billion senior unsecured debt offering, and these notes
