Moody's cuts Anheurser-Busch, gives InBev notes Baa2

Moody's Investors Service said it assigned a Baa2 long-term issuer rating to InBev NV/SA and a Baa2 long-term rating to InBev's $45 billion senior facilities, which are unsecured obligations guaranteed by InBev.

The outlook is stable.

According to the agency, InBev's ratings and outlook factor in the combination with Anheuser-Busch Cos., Inc., which was announced on July 14.

Moody's said it has concurrently downgraded Anheuser-Busch's long-term rating to Baa2 from A2 and the short-term ratings of its commercial paper programs to Prime-2 from Prime-1.

The downgrade of Anheuser-Busch's ratings reflects the fact that InBev, which will guarantee Anheuser-Busch's debt, will have a higher risk profile than Anheuser-Busch on a standalone basis given InBev's higher post acquisition leverage, more aggressive management approach, greater emerging markets exposure and execution/integration risks, the agency noted.

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