The ratings on Plano, Texas-based Dr Pepper Snapple Group Inc. (DPS) reflect our assessment of the company's satisfactory business risk profile and intermediate financial risk profile. Our business risk profile assessment incorporates DPS' position as the third-largest soft drink company in North America, and its good brand recognition and cash flow generation. However, DPS' relatively narrow business and geographic focus and participation in the mature and low-growth markets in which it competes somewhat temper these factors. DPS is a leading integrated-brand owner, bottler, and distributor of nonalcoholic beverages in the U.S., Canada, Mexico, and the Caribbean. In 2010, U.S. sales were 89% of total net sales. Although the company has a diverse portfolio of flavored (non-cola) carbonated soft drinks (CSD)
