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Rating Action:

Moody's places ABI's A3 senior unsecured ratings on review for downgrade; affirms Prime-2

01 Oct 2018

New York, October 01, 2018 -- Moody's Investors Service ("Moody's") today placed the senior unsecured A3 ratings of Anheuser-Busch InBev SA/NV's (ABI) and its affiliates on review for downgrade. The Prime-2 short term rating was affirmed.

RATINGS RATIONALE

The review for downgrade reflects ABI's high financial leverage and slow path to deleveraging following its October 2016 acquisition of SABMiller Limited. It also reflects the concern that slower than expected growth in certain key emerging markets will continue to hinder the company's ability to materially boost the pace of deleveraging over the next 12 -- 18 months. Deleveraging is behind original expectations due largely to foreign currency fluctuations and underperformance of certain emerging economies. As of June 2018, debt to EBITDA leverage was about 5.4 times including Moody's adjustments, which is high for the rating. Moody's had expected leverage to be approaching 4 times within approximately 2-2.5 years of the SABMiller deal, which closed in October, 2016, despite certain setbacks soon after closing. The review will focus on the ability of ABI to jumpstart its deleveraging plan in the back half of 2018, and beyond. It will also focus on the company's financial policy. While management continues to target an optimal net debt to EBITDA metric (by its own definition) of 2 times, the path and timing to achieve this target is unclear.

In its review Moody's will also consider ABI's strong qualitative fundamentals. These include its position as the world's largest brewer, its wide portfolio of brands at various price points, and leading positions in some of the world's largest and most profitable beer markets. ABI has grown earnings for several quarters and has increased its synergies target and expanded profit margins. The company has strong margins, excellent liquidity and large, stable cash flows. EBITDA is expected to approach $25 billion 12-month run rate in the next year or so. But because of its ongoing levels of re-investment in the business, upfront costs to achieve synergies, challenges in certain markets and very high dividend payout level, the free cash flow available for debt repayment beyond asset sales has been more limited. Asset sale proceeds have largely been used to reduce debt, but they also lowered the company's total scale, while the dividend was not reduced commensurately. In addition, FX headwinds have had a negative impact on metrics due largely to translation.

The affirmation of the Prime-2 rating reflects the company's strong liquidity and the view that any downgrade of the senior unsecured ratings is unlikely to exceed two notches.

Anheuser-Busch InBev SA/NV, incorporated in Leuven, Belgium, is the world's largest brewing company. ABI has operations in 50 countries worldwide with market leading positions in North America, Brazil, Mexico, South Africa, Australia and a leadership position in premium beer in China. In Brazil, it operates through its subsidiary Companhia de Bebidas das Americas ("AmBev") (rated Baa3, stable). Annual revenues are approximately $56 billion.

The principal methodology used in these ratings was Global Alcoholic Beverage Industry published in March 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Ratings placed on review for downgrade:

..Issuer: Anheuser-Busch Companies, LLC

.... Issuer Rating, Placed on Review for Downgrade, currently A3

....Senior Unsecured Medium-Term Note Program, Placed on Review for Downgrade, currently (P)A3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently A3

..Issuer: Anheuser-Busch InBev Finance, Inc

....Senior Unsecured Medium-Term Note Program, Placed on Review for Downgrade, currently (P)A3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently A3

....Senior Unsecured Shelf, Placed on Review for Downgrade, currently (P)A3

..Issuer: Anheuser-Busch InBev SA/NV

.... Issuer Rating, Placed on Review for Downgrade, currently A3

....Senior Unsecured Medium-Term Note Program, Placed on Review for Downgrade, currently (P)A3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently A3

..Issuer: Anheuser-Busch InBev Worldwide Inc

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently A3

....Senior Unsecured Shelf, Placed on Review for Downgrade, currently (P)A3

..Issuer: FBG Finance Pty Ltd

....Senior Unsecured Medium-Term Note Program, Placed on Review for Downgrade, currently (P)A3

....Senior Unsecured Regular Bond/Debenture, Placed on Review for Downgrade, currently A3

..Issuer: CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY

....Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

..Issuer: California Statewide Communities Dev. Auth.

....Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

..Issuer: Cartersville (City of) GA, Development Auth.

....Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

..Issuer: Fort Collins (City of) CO

....Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

..Issuer: Gulf Coast Waste Disposal Authority, TX

....Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

..Issuer: Jacksonville (City of) FL

....Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

..Issuer: Jacksonville Economic Development Comm., FL

....Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

..Issuer: James City County Economic Dev. Auth., VA

....Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

..Issuer: New Hampshire St. Business Finance Authority

....Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

..Issuer: New Jersey Economic Development Authority

....Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

..Issuer: OHIO (STATE OF)

....Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

..Issuer: Ohio Water Development Authority

....Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

..Issuer: Onondaga County Industrial Dev. Agy., NY

....Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

..Issuer: St. Louis Industrial Development Auth., MO

....Senior Unsecured Revenue Bonds, Placed on Review for Downgrade, currently A3

Affirmations:

..Issuer: Anheuser-Busch InBev SA/NV

....Senior Unsecured Medium-Term Note Program, Affirmed (P)P-2

..Issuer: Anheuser-Busch InBev Worldwide Inc

....Senior Unsecured Commercial Paper, Affirmed P-2

Outlook Actions:

..Issuer: Anheuser-Busch Companies, LLC

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Anheuser-Busch InBev Finance, Inc

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Anheuser-Busch InBev SA/NV

....Outlook, Changed To Rating Under Review From Stable

..Issuer: Anheuser-Busch InBev Worldwide Inc

....Outlook, Changed To Rating Under Review From Stable

..Issuer: FBG Finance Pty Ltd

....Outlook, Changed To Rating Under Review From Stable

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Linda Montag
Senior Vice President
Corporate Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Peter H. Abdill, CFA
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 1 212 553 0376
Client Service: 1 212 553 1653

No Related Data.
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