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Rating Action:

Moody's withdraws SABMiller Limited's ratings; confirms A3 ratings on Euro and Australian notes

07 Feb 2017

Milan, February 07, 2017 -- Moody's Investors Service has today withdrawn all ratings of SABMiller Limited (SABMiller, formerly known as SABMiller Plc) and most of those of its subsidiaries, including the A3/Aaa.za ratings of SABSA Holdings Limited. The A3 rating on the EUR1 billion senior unsecured notes issued by SABMiller Holdings Inc and the A3 rating on the AUD700 million senior unsecured notes issued by FBG Finance Pty Ltd have been confirmed.

Today's action follows the completion of SABMiller's merger on 10 October 2016 with Anheuser-Busch InBev SA/NV (ABI, A3 stable) and the completion of the debt exchange offer by ABI on SABMiller's debt. Following the exchange offer, most debt instruments of SABMiller have been either redeemed or partially exchanged with notes issued or guaranteed by ABI and its subsidiaries.

This concludes the review on SABMiller's ratings initiated by Moody's on 14 October 2015.

A full list of affected entities and ratings can be found at the end of this press release.

RATINGS RATIONALE

Moody's has withdrawn the ratings of SABMiller for reorganization reasons following the merger into Anheuser-Busch InBev SA/NV which was completed on 10 October 2016. Following the closing of the transaction, the vast majority of outstanding debt obligations of SABMiller, have been either redeemed or partially exchanged with new notes issued or guaranteed by ABI. The small portion of debt still outstanding under SABMiller is considered too small to create any structural subordination issue and not sizable enough to maintain a specific rating. In this respect Moody's also notes that it does not expect ABI to file separated audited financial statements for SABMiller going forward.

Please refer to Moody's Investors Service's Policy for Withdrawal of Credit Ratings, available on its website, www.moodys.com.

CONFIRMATION OF EURO AND AUSTRALIAN NOTES

As part of the debt exchange, ABI has obtained consent to:

1. Exchange the issuer of the EUR1 billion senior unsecured notes from SABMiller Holdings Inc to Anheuser-Busch InBev SA/NV. The rating on this note has been confirmed at A3, with a stable outlook, in line with those of ABI. The issuer under the notes will be changed over the few days following this announcement.

2. Exchange the AUD700 million senior unsecured notes issued by FBG Treasury (Aust.) Pty Ltd with similar notes issued by FBG Finance Pty Ltd. The new notes are guaranteed by ABI and the rating has been confirmed at A3, with a stable outlook, in line with those of ABI. The Australian MTN programme of FBG Treasury (Aust.) Pty Ltd will be also guaranteed by ABI and its (P)A3 rating has also been confirmed. ABI as guarantor of both the notes and the MTN programme will be added over the few days following this announcement.

WITHDRAWAL OF SABSA HOLDINGS LIMITED RATINGS

SABSA Holding Limited ratings of A3/Aaa.za have been withdrawn as its USD73 million equivalent outstanding senior unsecured debt, formerly guaranteed by SABMiller Limited, was not part of the debt exchange offer and it does not currently benefit from a guarantee from ABI.

List of affected ratings:

Withdrawals:

..Issuer: SABMiller Limited

....BACKED Senior Unsecured Commercial Paper, Withdrawn , previously rated P-2

....Senior Unsecured Medium-Term Note Program, Withdrawn , previously rated (P)A3 on review for downgrade

....Senior Unsecured Medium-Term Note Program , Withdrawn , previously rated (P)P-2

....BACKED Senior Unsecured Regular Bond/Debenture, Withdrawn , previously rated A3 on review for downgrade

....Senior Unsecured Regular Bond/Debenture, Withdrawn , previously rated A3 on review for downgrade

..Issuer: Foster's Group Pty Limited

.... Issuer Rating, Withdrawn , previously rated A3 on review for downgrade

..Issuer: FBG Treasury (Aust.) Pty Ltd

....BACKED Senior Unsecured Medium-Term Note Program, Withdrawn , previously rated (P)A3 on review for downgrade

..Issuer: SABMiller Holdings Inc

....BACKED Senior Unsecured Commercial Paper, Withdrawn , previously rated P-2

....BACKED Senior Unsecured Medium-Term Note Program, Withdrawn , previously rated (P)A3 on review for downgrade

....BACKED Senior Unsecured Regular Bond/Debenture, Withdrawn , previously rated A3 on review for downgrade

..Issuer: SABSA Holdings Limited

....BACKED Senior Unsecured Medium-Term Note Program, Withdrawn , previously rated (P)A3 on review for downgrade

....BACKED Senior Unsecured Medium-Term Note Program, Withdrawn , previously rated (P)P-2

....NSR BACKED Senior Unsecured Medium-Term Note Program, Withdrawn , previously rated (P)Aaa.za on review for downgrade

....NSR BACKED Senior Unsecured Medium-Term Note Program, Withdrawn , previously rated (P)P-1.za

....BACKED Senior Unsecured Regular Bond/Debenture, Withdrawn , previously rated A3 on review for downgrade

....NSR BACKED Senior Unsecured Regular Bond/Debenture, Withdrawn , previously rated Aaa.za on review for downgrade

Confirmations:

..Issuer: FBG Finance Pty Ltd

....BACKED Senior Unsecured Medium-Term Note Program, Confirmed at (P)A3

....BACKED Senior Unsecured Regular Bond/Debenture, Confirmed at A3

..Issuer: SABMiller Holdings Inc

....BACKED Senior Unsecured Regular Bond/Debenture, Confirmed at A3

Outlook Actions:

..Issuer: SABMiller Limited

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

..Issuer: Foster's Group Pty Limited

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

..Issuer: FBG Finance Pty Ltd

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

..Issuer: FBG Treasury (Aust.) Pty Ltd

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

..Issuer: SABMiller Holdings Inc

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

..Issuer: SABSA Holdings Limited

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

The principal methodology used in these ratings was Global Alcoholic Beverage Industry published in October 2013. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Moody's National Scale Credit Ratings (NSRs) are intended as relative measures of creditworthiness among debt issues and issuers within a country, enabling market participants to better differentiate relative risks. NSRs differ from Moody's global scale credit ratings in that they are not globally comparable with the full universe of Moody's rated entities, but only with NSRs for other rated debt issues and issuers within the same country. NSRs are designated by a ".nn" country modifier signifying the relevant country, as in ".za" for South Africa. For further information on Moody's approach to national scale credit ratings, please refer to Moody's Credit rating Methodology published in May 2016 entitled "Mapping National Scale Ratings from Global Scale Ratings". While NSRs have no inherent absolute meaning in terms of default risk or expected loss, a historical probability of default consistent with a given NSR can be inferred from the GSR to which it maps back at that particular point in time. For information on the historical default rates associated with different global scale rating categories over different investment horizons, please see https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_189530.

SABMiller Limited was the world's second-largest brewer by volume, and the third largest by revenues, producing and distributing a large variety of beer brands in approximately 75 countries, before being acquired by ABI. During fiscal year ending March 2016 and including the share of joint ventures and associates, the company generated net total revenue of $24.1 billion (down 8% compared with the prior year due to adverse currency movements).

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.

Paolo Leschiutta
VP - Senior Credit Officer
Corporate Finance Group
Moody's Italia S.r.l
Corso di Porta Romana 68
Milan 20122
Italy
Telephone:+39-02-9148-1100

Marina Albo
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Italia S.r.l
Corso di Porta Romana 68
Milan 20122
Italy
Telephone:+39-02-9148-1100

No Related Data.
© 2023 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service, Inc. and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Charter Documents - Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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