Moody's Investors Service, ("Moody's") today confirmed PepsiCo, Inc.'s (PepsiCo) and its guaranteed subsidiary's A1 senior unsecured ratings concluding the review for downgrade that was initiated on 13 March, 2020 following the company's announcement that it would buy Rockstar Energy Beverages ("Rockstar") for $3.85 billion plus approximately $0.7 billion of payments related to future tax benefits. At the same time, Moody's affirmed PepsiCo's Prime-1 commercial paper rating.