Fitch upgrades Ambev

Fitch Ratings said it upgraded Companhia de Bebidas das Americas (Ambev)'s foreign-currency long-term issuer default rating to A from A- and local-currency long-term issuer default rating to A from A-.

The agency also upgraded Ambev International Finance Co. Ltd.'s foreign-currency long-term issuer default rating to A from A- and unsecured notes due 2017 to A from A-.

Fitch also said it affirmed Ambev's AAA(bra) national scale rating and the AAA(bra) rating of Ambev's R$1.248 billion notes due in 2012.

The outlook is stable.

The agency also said it affirmed the foreign- and local-currency issuer default ratings of subsidiary Cerveceria y Malteria Quilmes SAICA y G at BB+.

The upgrades reflect the company's continued commitment to a solid capital structure and strong free cash flow generation, Fitch said.

The upgrades also consider the continued improvement in Anheuser-Busch InBev SA/NV's credit quality during the last year, the agency said.

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