PepsiCo's long- and short-term debt ratings have been raised. Fitch Ratings upped the company's long-term debt rating to "AA-" from "A+," and its short-term rating to "F1+" from "F1". Fitch made the move following a system-wide analysis of the company and its two primary bottlers.

Fitch is consequently initiating coverage of Pepsi Bottling Group's long-term debt with a "AA-" rating and of PepsiAmericas with a "A+" rating.

In a press release, Fitch said: "In Fitch's view, PepsiCo and its two primary bottlers are, to varying degrees, mutually dependent on one another."