S&P ups Brown-Forman view to stable

Standard & Poor's said it revised the outlook on Brown-Forman Corp. to stable from negative and affirmed its long-term corporate credit at A and short-term corporate credit and commercial paper ratings at A-1.

The outlook revision reflects a belief that despite lingering weak macroeconomic conditions, the company will maintain its operating performance and improved credit measures in the near to intermediate term, S&P said.

The ratings reflect the company's position in the distilled spirits and wine industry, geographic diversification, relatively stable cash flow characteristics and moderate financial policies, the agency said.

Ongoing concerns about brand concentration somewhat temper these strengths, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.