The ratings reflect Purchase, N.Y.-based PepsiCo Inc.'s balanced portfolio of businesses, with its strong positions in the relatively stable, cash-generating soft-drink industry and faster growing noncarbonated beverage and snack-food industries, and strong financial profile. PepsiCo is the world's second-largest manufacturer of soft-drink concentrates and syrups, and holds the number-one position in the U.S. in the chilled orange juice and snack-food markets. PepsiCo also has a very strong position in the expanding sports-drink market, as well as a competitive position in the hot and cold cereal markets. The ratings also incorporate PepsiCo's unique relationship with its two largest bottlers, The Pepsi Bottling Group Inc. (PBG) and PepsiAmericas Inc. (PAS). PepsiCo has a significant economic ownership interest of about 43% in PBG,
