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. Consistent cash flow generating ability; Stable cash flow ratios, including debt to EBITDA of 2.0x-2.5x and funds from operations (FFO) to debt of 35%-40%; and Projected share repurchases and dividends of $7 billion to be funded with internally generated cash. The stable outlook reflects S&P Global Ratings' expectation that PepsiCo Inc. will continue to steadily grow sales and operating income organically while maintaining stable credit measures and funding shareholder returns with internally generated cash. We expect the company to sustain EBITDA margins above 20% from ongoing productivity indicatives, apply about $7 billion in annual free
