Transsonic 2000,
Basically one must hold at least a FAA PPL...
No, while that is sufficient it is not necessary. BN2N's statement was the correct one. The critical condition he stated was "if you're rated in the airplane" [should be aircraft] which agrees with the rule at 61.51(e)(1)(i). That is, holders of sport and recreational certificates which are endorsed for the appropriate aircraft may also log PIC when acting as the sole manipulator of the controls.
Re nuances, the Speranza 2009 interpretation from the Office of the Chief Counsel for the FAA is worth reviewing.