S&P ups Anheuser-Busch InBev

S&P said it raised its ratings on Anheuser-Busch InBev SA/NV, including its issuer and senior unsecured ratings to A- from BBB+.

“The upgrade reflects ABI's resilient operating performance and ongoing deleveraging trend. In 2022, the company posted total sales growth of 11.2%, thanks to positive price and mix contribution (8.6%) and volume growth (2.3%). Despite a limited volume decline of 0.6% year on year in the fourth quarter, total volumes reached a record high, up 5.8% compared with the pre-pandemic level.

“The main driver of growth remains the premium beer segment (about 40% of total sales) and good momentum in emerging markets, especially Brazil, Mexico, and South Africa,” S&P said in a statement.

The outlook is stable.

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