Moody's rates PepsiCo notes A1

Moody's Investors Service said it assigned an A1 rating to PepsiCo, Inc.'s new three- and 10-year senior notes. The outlook is stable.

PepsiCo will use the proceeds for general corporate purposes, including the repayment of commercial paper.

The agency said Pepsi's A1 rating reflects its strong snack food and beverage franchises, extensive global footprint, solid innovation pipelines, efficient operations, extensive and multifaceted distribution network, excellent liquidity and solid financial performance.

In Moody's view, these factors are offset by leverage that has been rising over time and softness in the North American beverage business.

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