The ratings on Purchase, N.Y.-based PepsiCo Inc. continue to reflect Standard&Poor's Ratings Services' assessment of the company's business risk profile as "excellent" and financial risk profile as "intermediate." Key credit factors in our business risk assessment include the company's balanced portfolio of businesses, with its strong positions and well-known brands in the relatively stable, cash-generating liquid refreshment beverage and snack food industries, and geographic diversification. Our financial risk profile incorporates our belief that PepsiCo's financial policies are aggressive, including its active share repurchase and acquisition program, which have led to higher debt levels. We expect key credit measures will be on the weak end of the indicative ratios for an intermediate financial risk profile, which include leverage, as
