Moody's boosts Suntory Holdings

Moody's Investors Service said it upgraded Suntory Holdings Ltd.’s issuer and senior unsecured ratings to Baa1 from Baa2 and changed the outlook to stable from positive.

The agency also upgraded the backed senior unsecured rating of Beam Suntory Inc. to Baa1 from Baa2. Suntory Holdings guarantees the notes.

"The upgrade of Suntory Holdings' ratings reflects the company's improving credit fundamentals, most notably as a result of sustained reduction in debt and leverage over the years following the Beam acquisition in 2014," said Ryohei Nishio, a Moody's assistant vice president and analyst, in a press release.

The stable outlook mirrors an expectation that Suntory Holdings will sustain its market position in its key operating areas, buoying the company's healthy cash flow generation.

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