Moody's lifts AmBev

Moody's Investors Service said it upgraded the local currency issuer and senior unsecured ratings of Companhia de Bebidas das Americas to A3 from Baa1 and affirmed its Baa2 foreign currency issuer rating, which is constrained by Brazil's foreign currency ceiling of Baa2.

The outlook for AmBev's foreign currency issuer rating is positive, in line with Brazil's foreign currency ceiling's outlook, the agency said.

However, all of AmBev's other ratings have a stable outlook, the agency noted.

This action concludes the review for upgrade Moody's initiated on March17.

"The upgrade to A3 recognizes AmBev's prudent financial management and resilient operating results during the recent economic crisis and over the past several years, combined with improved credit metrics and sovereign risk of many of the countries it operates in," explained Moody's VP senior analyst, Soummo Mukherjee.

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