Stable EBITDA margins, which we expect the company will maintain above 25%; Ongoing productivity initiatives, coupled with less foreign currency exposure compared with peers, should allow for above-average operating profit growth; and Limited geographic and product diversification and much less scale compared with industry-leading peers. Strong free cash flow should permit the company to maintain stable debt balances while repurchasing shares and paying dividends; and Stable and largely predictable cash flow ratios, including projected debt to EBITDA just under 2x and funds from operations (FFO) to debt near 40% over the next two years. The stable rating outlook on Dr Pepper Snapple Group (DPS) reflects S&P Global Ratings' expectations that DPS will continue to grow earnings and cash flows, which
