Strong market positions and brand names; Diversified product offerings; Good advertising and marketing execution; and Expectation for continued EBITDA margin improvement from ongoing productivity initiatives. Solid cash flow-generating ability; Stable cash flow ratios, including debt to EBITDA of 2x-2.5x and funds from operations (FFO) of 30%-35%; and Projected share repurchases and dividends expected to be funded with internally generated cash. The positive outlook reflects the likelihood that we could raise the ratings on PepsiCo if the company continues to improve its operating margins and remains committed to maintaining debt to EBITDA near or below 2.5x over the next 12-24 months. Our expectation is that the company continues to execute its productivity initiatives, improve margins, and maintain stable cash flow ratios
