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Fitch: Anheuser-Busch bonds A
Fitch Ratings said it assigned an expected rating of A to Anheuser-Busch InBev Finance Inc.'s (ABI Finance) proposed senior unsecured $46 billion bonds.
Fitch also said it maintained Anheuser-Busch InBev's and SABMiller plc's long-term issuer default ratings on negative watch pending completion of the acquisition of SAB Miller by Anheuser-Busch.
The agency said it expects to equalize the ratings with Anheuser-Busch's ratings.
The planned issue of the senior unsecured bonds in seven tranches is expected to be made by Anheuser-Busch InBev Finance and will be guaranteed on a joint and several basis by Anheuser-Busch InBev SA/NV, Anheuser-Busch InBev Worldwide Inc., Brandbev Sarl, Brandbrew SA, Cobrew NV and Anheuser-Busch Cos., LLC, Fitch said.
The proceeds will be used to fund the acquisition of SABMiller, the agency said.
The bonds are expected to rank equally with the company's senior unsecured debt and will enjoy the same guarantee package as the existing bonds of the Anheuser-Busch group, Fitch said.
The ratings reflect the company's position as a global leader with a wide portfolio of brands and geographic presence with high profit margins and stable cash flows, the agency said.
The ratings are constrained by the more challenging environment in emerging markets and competition from craft beers in its core U.S. market, coupled with declining beer consumption, Fitch added.
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