RATINGS RATIONALE

"The Baa1 rating is based on the company's solid portfolio of brands, many with leadership positions in their sub-categories, strong profitability, and good product diversity" said Linda Montag, Moody's Senior Vice President. The company's rating is also supported by strong liquidity and a well-balanced financial policy. Importantly, DPSG's has articulated a conservative leverage target of 2.25 times on an adjusted basis to which it will manage its cash flow deployment. We expect leverage to remain close to or below the target level in the next 12 to 18 months even with the company's recent transition to a policy that allows for dividends and share repurchases. These factors are offset by the company's comparably short track record as an independent company, more limited geographic diversity than its global peers, its comparatively greater focus on the declining carbonated soft drink ("CSD") category and dependence on non-controlled distribution for approximately 40% of its product volume. We note that the company's focus within CSD's is on the growing flavored CSD segment where the company holds a 40% market share.

The stable outlook reflects the good business momentum which has led to share gains in flavored CSDs in recent periods, and positive volume growth on a comparable basis. It also reflects the company's solid profitability and incorporates the expectation that the company will balance shareholder returns with its commitment to maintain a conservative leverage profile.

An upgrade is unlikely in the near to medium term given the company's more limited scale and North American geographic focus. However an upgrade could be considered over the longer term as the company expands its operating track record, gains considerably more scale and diversification, and further improves credit metrics including sustaining leverage (debt to EBITDA) below 2 times.

A downgrade could be considered if the company's operating performance were to suffer or management shifted away from its leverage targets to pursue large debt funded share buybacks or acquisitions. Leverage (debt to EBITDA) approaching 3 times or EBITA margin sustained below 15% could lead to a downgrade.

The principal methodology used in rating Dr Pepper Snapple Group, Inc. was the Global Alcoholic Beverage Rating Methodology published in August 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

The last rating action took place on May 18, 2011 when Moody's upgraded the company to Baa1 from Baa2 and assigned a stable outlook.

Headquartered in Plano, Texas, Dr Pepper Snapple Group, Inc. (DPSG) is a leading integrated brand owner, bottler and distributor of non-alcoholic beverages including flavored carbonated soft drinks and non-carbonated beverages (juices, juice drinks, ready-to-drink teas and mixers). Among the company's key brands are Dr Pepper, 7UP, Sunkist soda, Canada Dry, A&W root beer, Crush, Snapple, Mott's, Hawaiian Punch, Schweppes, Clamato, and many other nationally recognized names. DPSG operates in the United States, Canada, Mexico and the Caribbean. DPSG generates net annual sales of approximately $6 billion.

REGULATORY DISCLOSURES

The Global Scale Credit Ratings on this press release that are issued by one of Moody's affiliates outside the EU are endorsed by Moody's Investors Service Ltd., One Canada Square, Canary Wharf, London E 14 5FA, UK, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

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Linda Montag Senior Vice President Corporate Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Peter H. Abdill, CFA MD - Corporate Finance Corporate Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

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