Moody's rates Anheuser-Busch InBev notes A3

Moody's Investors Service said it assigned an A3 rating to Anheuser-Busch InBev SA/NV's €750 million and £500 million of notes. The outlook remains positive.

The agency said the company's A3 ratings reflect its large scale, wide portfolio of beer brands at various price points, leading market positions in some of the largest beer profit pools globally and seasoned management with a solid track record of integrating acquisitions and reducing leverage. The ratings are further supported by the company's strong margins and high, recurring cash flows.

At the same time, the ratings factor in the company's exposure to somewhat more volatile economies and difficult consumer environments in North America and Western Europe, Moody's said, and leverage that will remain somewhat above the company's target level for about 12 to 18 months after the Modelo acquisition.

The positive outlook reflects Moody's expectation that Anheuser-Busch InBev will successfully integrate the Modelo business and achieve cost synergies as planned.

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