Colombia: Fitch Ratings upgraded and removed Bavaria S.A.'s 'BBB-' Issuer Default Ratings

Business Wire released November 28 that Fitch Ratings has upgraded and removed from Rating Watch Positive the foreign and local currency Issuer Default Ratings (IDRs) of Bavaria S.A. (Bavaria) to 'BBB-'. The Rating Outlook is Stable.

These rating upgrades reflect the financial support that Bavaria receives from its parent company, SABMiller (rated 'BBB+' by Fitch), as well as the investments SABMiller has made to buy the minority stakes in Bavaria's key subsidiaries, as well as the improving economic environment in Colombia and Peru.

Following these upgrades, Fitch has withdrawn the IDRs consistent with Fitch's policies and due to lack of market interest.

Bavaria S.A. is Colombia’s leading beverage company. Its brands Aguila, Aguila Light, Poker, Costena, Pilsen, Club Colombia, Brava, Costenita, Pony Malta, Agua Brisa, Tutti Fruti, Malta Leona, Cola y Pola, are leaders in Colombia.

Bavaria S.A. is the Colombian parent company of Grupo Empresarial Bavaria (GEB). Founded on April 4, 1889, the company was incorporated under Colombian law in 1930. GEB was legally established in 1996, consolidating its brewing and beverage-production activities.

29 November, 2006