S&P rates Cerveceria B+, notes B

Standard & Poor's said it assigned its B+ corporate credit rating to Cerveceria Nacional Dominicana C. por A.

At the same time, S&P said it assigned its B rating to the company's $270 million senior unsecured notes due 2014.

The outlook is stable.

The rating on the new senior unsecured notes is one notch below the corporate credit rating, recognizing the structural subordination of the notes to the company's outstanding $157 million senior secured loan, the agency said.

S&P added that the rating reflects the shift in Cerveceria's financial policy toward more aggressive use of debt, as the company had historically relied only on internally generated cash to finance its capital investment needs.

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