Moody's raises ratings on Dr Pepper Snapple Group
Credit ratings agency Moody's upgraded beverage maker Dr Pepper Snapple Group's ratings due to positive results more than a year after the company was spun off by Cadbury.
Moody's on Monday upgraded Dr Pepper Snapple's long-term debt rating one notch to "Baa2" from "Baa3." The outlook is "Positive."
A "Baa2" rating is a medium investment grade rating two notches above non-investment grade, or "junk bond," status.
Moody's said in 2009 the Plano, Texas, company demonstrated it could "generate healthy cash flows and profitability," even in a difficult environment.
Dr. Pepper Snapple Group, which makes Sunkist soda, 7UP, A&W, Canada Dry and other beverages, was spun-off last year from British-based Cadbury.
Shares rose 61 cents to $32.96 during afternoon trading. Earlier shares set a 52-week high of $32.97.
Copyright 2010  AP News
