Strong market positions and brand names. Diversified product offerings. Good advertising and marketing execution. Expectation for continued EBITDA margin improvement from ongoing productivity initiatives. Consistent cash flow generating ability. Stable cash flow ratios, including debt to EBITDA of 2x-2.5x and funds from operations (FFO) to debt of 30%-35%. Projected share repurchases and dividends of $7 billion to be funded with internally generated cash. S&P Global Ratings' stable outlook on PepsiCo Inc. reflects its expectation that the company will continue to steadily increase 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
