We believe Purchase, N.Y.-based PepsiCo Inc.'s broad scope, diverse product portfolio, strong brand equity, and scale benefits will enable positive organic revenue growth and gradually improving operating margins despite near-term foreign-currency headwinds and moderate commodity inflation. In addition, we continue to expect PepsiCo to fund shareholder returns with internally generated cash, which supports our expectation that it will maintain financial leverage at about 2.5x or lower. As a result, we are raising our long-term ratings on PepsiCo, including the corporate credit rating, to 'A+'. The stable outlook reflects our expectation that the company will steadily grow organic sales and operating income while maintaining stable credit measures and funding shareholder returns with internally generated cash. On April 26, 2017, S&P Global
