Moody’s: SABMiller outlook to positive

Moody's Investors Service said it affirmed the Baa1 long-term senior unsecured ratings of SABMiller plc, the provisional Baa1 rating on its medium-term note program and the Baa1 senior unsecured ratings on its guaranteed subsidiaries.

The agency also affirmed SABMiller's and its guaranteed subsidiaries’ P-2 short-term ratings, the Baa1 issuer rating of Foster's Group Pty. Ltd. and the national scale ratings of Aa3.za/P-1.za assigned to Sabsa Holdings Ltd.

The outlook was changed to positive.

"Today's change in outlook reflects the company's improvements in operating performance and strengthened business profile over recent years and our expectations that the company will further improve, albeit modestly, its credit metrics," Paolo Leschiutta, Moody's vice president, senior credit officer and lead analyst for SABMiller, said in a news release.

"With financial leverage of 2.7x, measured as Moody's-adjusted debt to EBITDA, and EBITA margins of around 33% as of end of March 2014, SABMiller's credit metrics are on the right trajectory for a rating transition within the next 12 to 18 months."

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