Moody’s lifts Asahi Group

Moody's Investors Service said it upgraded the long-term issuer and senior unsecured ratings of Asahi Group Holdings, Ltd. to Baa1 from Baa2.

At the same time, Moody's changed the outlook to stable from positive.

“Asahi's leverage has fallen faster than our initial expectations,” Motoki Yanase, Moody's vice president and senior credit officer, said in a news release.

“The company has proactively reduced debt, using proceeds from sales of non-core assets and internal cash flow.”

Moody’s said that the company's debt to EBITDA leverage ratio, which spiked to 4.2x in 2017 after Asahi's European acquisitions, has since declined to 3.4x in the 12 months to June 30.

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