The ratings reflect Purchase, N.Y.-based PepsiCo Inc.'s balanced portfolio of businesses, with its strong positions in the stable, cash-generating soft-drink industry, and faster growing juice and snack-food industries. PepsiCo is the world's second-largest manufacturer of soft-drink concentrates and syrups, and holds the No. 1 position in the U.S., in both the chilled orange juice and snack-chip markets. PepsiCo also has a very strong position in the growing sports-drink market, as well as a competitive position in the hot and cold cereal markets. The ratings also incorporate PepsiCo's strong financial profile and unique relationship with its two largest bottlers, The Pepsi Bottling Group Inc. (PBG) and PepsiAmericas Inc. (PA). PepsiCo has a significant ownership interest of about 42% in PBG, the
