Dr Pepper Snapple Group, Inc.: Update to credit analysis following downgrade to Baa2; outlook negative
The Baa2 rating is based on Keurig Dr Pepper's solid portfolio of brands, strong profitability, good product diversity, but high financial leverage following the merger.Dr Pepper Snapple Group is a brand owner, manufacturer and distributor of non-alcoholic beverages in the U.S., Canada and Mexico with a portfolio of flavored (non-cola) carbonated soft drinks (CSDs) and non-carbonated beverages (NCBs), including ready-to-drink teas, juices, juice drinks, water and mixers. In the CSD market, the company's primary brands are Dr Pepper, Canada Dry, 7UP, Crush, A&W, Sunkist soda, Schweppes and Squirt. In the NCB market segment in the U.S., the company participates primarily in the ready-to-drink tea, juice, juice drinks and mixer categories. The company's segments are: Beverage Concentrates, Packaged Beverages and Latin America Beverages.
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