On April 20, 2009, Standard&Poor's Ratings Services said that it affirmed its ratings on Purchase, N.Y.-based PepsiCo Inc., including its 'A+' long-term corporate credit and 'A-1' short-term and commercial paper ratings. The long-term rating outlook remains stable. At the same time, we placed the ratings on Somers, N.Y.-based The Pepsi Bottling Group Inc. (PBG) and Minneapolis, Minn.-based PepsiAmericas Inc. (PAS) on CreditWatch with positive implications. We have affirmed the 'A-1' short-term ratings on PBG and PAS, as well as the $2.3 billion of PBG debt that is guaranteed by PepsiCo, and did not place these ratings on CreditWatch. Standard&Poor's analytically consolidates PepsiCo, PBG, and PAS (given their strategic importance to each other), and currently maintains the
