Plano, Texas-based Dr Pepper Snapple Group Inc. has entered into a licensing agreement for certain of its brands with PepsiCo Inc. upon completion of PepsiCo's pending acquisitions of its two anchor bottlers. If the agreement is completed as described and a majority of the net proceeds are applied to debt reduction, we estimate that pro forma credit measures will strengthen to levels somewhat above our prior expectations for a one-notch upgrade. Our ratings on Dr Pepper Snapple Group Inc. are placed on CreditWatch with positive implications. On Dec. 9, 2009, Standard&Poor's Ratings Services placed its ratings, including its 'BBB-' corporate credit and senior unsecured debt ratings, on Plano, Texas-based Dr Pepper Snapple Group Inc. (DPS) on CreditWatch with
