S&P gives PepsiCo notes A-

Standard & Poor's said it assigned its A- senior unsecured debt rating to PepsiCo Inc.'s $1.7 billion senior unsecured notes consisting of $850 million of floating-rate notes due 2015 and $850 million of 2.25% notes due 2019.

PepsiCo will issue the notes under the company's Rule 415 shelf registration.

S&P said its rating on PepsiCo's senior unsecured debt, which is at the holding company, reflects the opinion that this debt is structurally subordinated to priority obligations at its operating entities, which generate substantially all of its cash flow and account for a significant portion of total assets but do not guarantee this debt.

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