Dr Pepper Snapple Group (DPS) ended fiscal 2015 with more than $900 million in cash, which it used to repay a $500 million 2017 bond maturity in January 2016, prompting us to revise the company's liquidity to strong. We are affirming our 'BBB+' corporate credit rating on DPS. The outlook is stable, reflecting our expectation that DPS will continue to grow earnings and cash flows, which should permit it to fund shareholder returns while maintaining stable credit measures, including debt to EBITDA near or below 2x and funds from operations (FFO) to debt close to 40%. On March 25, 2016, Standard&Poor's Ratings Services affirmed its 'BBB+' corporate credit rating on Texas-based Dr Pepper Snapple Group. The outlook remains
