S&P: Bavaria on positive watch

Standard & Poor's said it placed its BB foreign currency long-term corporate credit rating and senior unsecured debt on Bavaria SA on CreditWatch with positive implications.

S&P said the CreditWatch listing follows Bavaria and SABMiller plc's announcement that SABMiller has agreed to acquire Bavaria's operations.

The BB senior unsecured debt rating on the $500 million bonds issued by Bavaria due 2010 is also placed on CreditWatch with positive implications, the agency said.

The CreditWatch placement reflects the overall benefits Bavaria is likely to enjoy as a result of the expected financial and operational support of SABMiller, S&P noted.

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