Fitch rates Molson Coors notes BBB-

Fitch Ratings said it assigned a BBB- rating to the multi-tranche offering at Molson Coors Brewing Co. and Molson Coors International LP.

The outlook is stable.

The notes will rank equally with the company's and the guarantors' other senior unsecured obligations through its parent and subsidiary guarantee structure. Molson Coors has amended its guarantee structure which released Molson Coors Brewing Co. (UK) Ltd., their primary U.K. operating entity, Golden Acquisition and Molson Coors Holdings Ltd. as subsidiary guarantors of the company's current and future debt securities, credit facilities and commercial paper program. The MillerCoors subsidiary will be added as a subsidiary guarantor 30 days after transaction close.

Molson Coors intends to use all the net proceeds as partial consideration for its $12 billion acquisition of SABMiller plc's 58% stake in MillerCoors. Fitch expects the company to issue up to $9.8 billion of debt to finance the transaction.

In December 2015, Molson Coors entered into a $3 billion committed term loan agreement. As of March 31, there were no borrowings under the term loan.

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