India: Kirin Brewery ratings affirmed after reorganisation

Moody's Investors Service said it has affirmed the ratings of Kirin Brewery Company Ltd, reflecting Moody's view that Kirin's new pure holding company status - after its reorganization - will not materially change its source for repayments and ability to repay its rated bonds, AFX News Limited reported June 28.

Moody's has 'Aa2' issuer rating and senior unsecured long-term debt ratings, with a stable outlook, on the Japanese beverage company.

Effective July 1, Kirin will become a pure holding company renamed Kirin Holdings Company Ltd.

Lion Nathan Ltd, a 46.1 pct-owned consolidated unit of Kirin and the second largest beer, spirit and wine company in Australasia, will not be affected by the group reorganization, Moody's said.

29 June, 2007