S&P rates Bacardi notes BBB+

Standard & Poor's said it assigned a BBB+ senior unsecured debt rating to Bacardi Ltd.'s €650 million senior unsecured notes due 2023.

Bacardi-Martini BV, Bacardi Corp. and Bacardi U.S.A. Inc. will fully and unconditionally guarantee the notes.

The proceeds will be used to redeem the company's existing euro notes and for general corporate purposes.

The agency said it will withdraw the rating on the existing euro debt once it has been repaid.

The company's BBB+ and A-2 ratings, along with its positive outlook, reflect the company's strong business risk profile and intermediate financial risk profile, S&P said.

The ratings also consider Bacardi's leading positions in key categories of the distilled spirits market and geographic diversity that has historically resulted in relatively stable cash flows, the agency said.

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