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S&P cuts Anheuser-Busch InBev
S&P said it downgraded Anheuser-Busch InBev SA/NV to BBB+ from A- and revised the outlook to negative.
“We anticipate at least a 15% revenue decline and a more pronounced EBITDA decline in 2020, pushing adjusted leverage above 5x, before the effects are largely reversed in 2021 when Covid-19-related measures are lifted, although we no longer anticipate adjusted leverage will fall below 4x in 2021,” the agency said in a press release.
The negative outlook reflects the risk Anheuser-Busch InBev’s operating performance and credit metrics do not improve as anticipated in S&P’s base case from 2021 onward, the agency said.
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