![#](www.e-malt.com/images/left_top_corner16x200.gif) | E-Malt.com News article: Canada & USA: Standard & Poor’s Ratings upgrade outlook on Molson Coors as the brewer cuts its debt![Brewery news](https://e-malt.com/Images/BeerBullet2.gif)
Standard & Poor's Ratings Services upgraded its outlook on Molson Coors Brewing Co. on November, 4 to "Positive" from "Stable" as the brewer cut its debt.
The rating agency also affirmed its "BBB-" corporate credit and senior unsecured debt ratings on the company, which is based in Denver. The rating is the lowest level of investment grade.
Molson Coors had about $2 billion of debt outstanding at Sept. 24. The company recently repaid some debt and cut its liability tied to a cross-currency swap during the third quarter.
S&P said that despite challenging industry conditions, Molson Coors is expected to continue to improve its debt level relative to its earnings.
Molson Coors reported on November, 2 that its third-quarter net income fell 23 percent as high costs and high unemployment among its core customers continued to take a toll on its profits.
The rating agency said it would consider a higher rating if Molson Coors' improves its financial performance and continues to improve its credit measures.
Shares of Molson Coors fell 28 cents to close at $38.87 on November, 4 and were unchanged in after-hours trading.
08 November, 2011
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