S&P gives Cerveceria Nacional Dominicana notes B+

Standard & Poor's said it assigned its B+ senior unsecured debt rating to Cerveceria Nacional Dominicana C. por A.'s Dominican peso-linked senior unsecured debt tranche due 2012, equivalent to up to $150 million.

The notes are senior unsecured obligations of Cerveceria Nacional Dominicana and rank pari-passu with all existing and future unsecured and unsubordinated senior debt of the company, the agency said.

At the same time, S&P said it raised its rating on the $255 million senior unsecured debt tranche due 2014 to B+ from B and also affirmed the B+ long-term corporate credit rating.

The outlook is stable.

According to the agency, the rating actions follow Cerveceria Nacional Dominicana's recent announcement that proceeds from both tranches will be used to refinance the company's existing indebtedness, including a significant portion of the $157 million senior secured loan.

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