The ratings on Purchase, N.Y.-based PepsiCo Inc. reflect its 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 No. 1 position in the U.S. in the snack food market and several segments of the noncarbonated beverage category. PepsiCo also has 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 41% in PBG, the world's
