Moody’s rates Anheuser-Busch notes A3

Moody's Investors Service said it assigned an A3 rating to Anheuser-Busch InBev Worldwide Inc.’s proposed notes issue due 2048 that will be offered in exchange, together with a cash payment, for a series of 10 existing notes.

Of the existing notes, nine were originally issued by Anheuser-Busch Cos., LLC, and one was issued by Anheuser-Busch InBev Worldwide Inc. The exchange offer will expire on April 18.

All other ratings of the group are unchanged.

The outlook is stable.

Moody’s said Anheuser-Busch InBev SA/NV's (ABI) and its guaranteed subsidiaries are rated A3 reflecting ABI's position as the world's largest brewer, its wide portfolio of brands at various price points, and leading positions in some of the largest and most profitable beer markets in the world. The ratings are further supported by the company's strong margins, excellent liquidity and large, stable cash flows through a range of economic cycles.

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