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Moody’s might cut Asahi Group
Moody’s Investors Service said it placed Asahi Group Holdings, Ltd.'s Baa1 issuer and senior unsecured ratings on review for downgrade.
The outlook was changed to ratings under review for downgrade from stable.
The agency said the action follows Asahi's announcement on July 19 that it had entered into a share purchase agreement with Anheuser-Busch InBev SA/NV (Baa1 stable) to acquire a 100% equity stake in its Australian subsidiary CUB Pty Ltd. for a consideration of A$16 billion in cash.
“This large, mostly debt-financed acquisition will significantly raise Asahi's financial leverage,” Moody's vice president and senior credit officer Motoki Yanase said in a news release.
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