Moody's upgrades Anheuser-Busch InBev

Moody's Investors Service said it upgraded the senior unsecured ratings of Anheuser-Busch InBev SA/NV and its affiliates and guaranteed debt to A3 from Baa1.

“The upgrade reflects ABI's progress in reducing debt and restoring EBITDA after the extraordinary effects of the coronavirus pandemic, which saw shutdowns of sales and in some cases production in many of its markets and the expectation that deleveraging will continue over the next year. Moody's adjusted debt to EBITDA was 3.98x as of the year ended December 2022 and Moody's expects that it will decline to 3.8x or below by year-end 2023 and to the mid-3x range in the next 12-18 months,” the agency said in a press release.

The agency expects ABI’s free cash flow to reach about $6 billion in 2023.

The rating outlook is stable.

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