Moody's ups Bottling Group notes to Aa2

Moody's Investors Service said it raised the rating on Pepsi Bottling Group's subsidiary Bottling Group LLC's $1.3 billion notes due March 5, 2014 to Aa2 from A2.

The outlook is stable.

According to Moody's, the action reflects the PepsiCo guarantee (rated Aa2), which was effective as of Feb. 17 following the maturity and repayment of the previous $1.3 billion PepsiCo guaranteed issue.

PEP's Aa2 senior unsecured rating reflects its strong brand franchises in snack foods and beverages, global reach, solid innovation pipelines, efficient operations and extensive and multifaceted distribution network, as well as its continued solid financial performance on a system basis, according to the agency.

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