India: Brazil's AmBev local currency issuer rating outlook raised to positive

Moody's Investors Service changed its outlook on Companhia de Bebidas das Americas' (AmBev) local currency issuer rating to positive from stable, Thomson Financial reported April 15.

It affirmed the 'Baa1' local currency issuer rating, while the foreign currency issuer rating was also affirmed at 'Baa3', but with a stable outlook, since it is constrained by Brazil's foreign currency ceiling of 'Baa3'.

The agency said the change in outlook primarily reflects AmBev's ability to exceed its expectation in terms of revenues, EBITDA margin and cash flow to debt metrics for full year 2007, led by solid performance in its core Brazilian beer and soft-drinks market.

It also reflects the company's generally stronger credit metrics than most of its global peers.

18 April, 2008