Strong market positions and brand names; Diversified product offerings; Geographic diversification; and Highly competitive nonalcoholic beverage, snack, and cereal markets (especially in the U.S.). Solid cash flow; Exposure to volatile commodity costs and foreign currency exchange rates; and Aggressive financial policy, including history of sizable share repurchases. The outlook is stable. Standard&Poor's Ratings Services believes PepsiCo Inc. will continue to generate strong cash flow despite a competitive operating environment and higher commodity costs. However, due largely to the company's expected active share repurchase program (which we believe will continue to be largely debt-financed), we expect PepsiCo's credit measures will remain within the weak end of the range of indicative ratios for an "intermediate" financial profile, specifically leverage (as
