Fitch ups Ambev

Fitch Ratings said it upgraded Companhia de Bebidas das Americas' (Ambev) foreign-currency long-term issuer default rating to A- from BBB, local-currency long-term issuer default rating to A- from BBB and notes due 2011 and 2013 to A- from BBB.

Fitch affirmed Ambev's AAA(bra) national-scale rating and the AAA(bra) rating of Ambev's R$1.248 billion of notes due in 2012.

The outlook was revised to stable from positive.

Fitch assigned a foreign-currency issuer default rating of A- to Ambev International Finance Co. Ltd. and upgraded the 2017 notes to A- from BBB.

The upgrades and outlook revision are a result of Ambev's continued commitment to a strong capital structure and the favorable outlook for economic growth in Brazil as well as the dramatic improvement in Anheuser-Busch InBev SA/NV's credit quality during the past two years, the agency said.

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