We have placed our senior unsecured debt ratings on Purchase, N.Y.-based PepsiCo Inc. on CreditWatch with Negative implications, and affirmed our 'A+' long-term and 'A-1' short-term corporate credit and commercial paper ratings on PepsiCo. The negative rating outlook on PepsiCo continues to reflect our concerns that, following the bottler acquisitions, PepsiCo's consolidated credit measures are likely to remain below our current expectations for the Pepsi system over the near to intermediate term and could be further pressured by expected debt-financed share repurchases. On Feb. 25, 2009, Standard&Poor's Ratings Services placed its senior unsecured debt ratings on Purchase, N.Y.-based PepsiCo Inc. on CreditWatch with negative implications. At the same time, we affirmed our 'A+' long-term and 'A-1' short-term corporate
