On Oct. 30, 2003, Standard&Poor's Ratings Services raised its long-term corporate credit and senior unsecured debt ratings on PepsiCo Inc. (as well as its long-term corporate credit rating on Quaker Oats Co.) to 'A+' from 'A'. The 'A-1' short-term and commercial paper ratings on PepsiCo have been affirmed. The preferred stock rating on Hillbrook Insurance Co. Inc. (a PepsiCo subsidiary) has been raised to 'BBB+' from 'BBB'. At the same time, Standard&Poor's raised its long-term corporate credit and senior unsecured debt ratings on The Pepsi Bottling Group Inc. (PBG) and PepsiAmericas Inc. (PA) to 'A' from 'A-', and the short-term and commercial paper ratings on these entities to 'A-1' from 'A-2'. Standard&Poor's has also
