S&P assigns AmBev notes BBB

Standard & Poor's said it assigned its BBB rating to the forthcoming proposed notes due 2017 to be issued by AmBev International Finance Co. Ltd., a wholly owned subsidiary of AmBev - Companhia de Bebidas das Américas (BBB/positive).

The agency said that the notes are to be denominated in Brazilian reais and payable in dollars.

AmBev will unconditionally and irrevocably guarantee the notes on a senior unsecured basis, S&P said, adding that the proceeds will be primarily used to repay short-term debt and for other general corporate purposes.

The ratings on the guarantor of the notes, AmBev, reflect its very efficient operations, some geographic diversification of sales and the solid resilience of its cash flows, even considering potentially more volatile economic conditions in Brazil, S&P noted.

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