Moody's upgrades Suntory

Moody's Investors Service said it upgraded Suntory Beverage & Food Ltd.'s issuer rating to A2 from A3 and revised the outlook to stable from positive.

"The upgrade of Suntory Beverage & Food's rating reflects the company's improving credit fundamentals with low leverage and ample cash holdings under a conservative financial policy," said Ryohei Nishio, a Moody's assistant vice president and analyst, in a press release.

"The upgrade also considers Suntory Beverage & Food's track record in solidifying its market position domestically and promoting growth overseas," Nishio added.

The agency explained the outlook mirrors the forecast that Suntory will keep its market position in its key operating areas, buoying the company's healthy cash flow generation.

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