Ambev Upgraded by Fitch

Ambev’s foreign currency long-term IDR was upgraded to A minus from BBB by Fitch, according to a statement by the ratings agency. The outlook is stable. The rating upgrade is a result of Ambev’s continued commitment to a strong capital structure and the favorable outlook for economic growth in Brazil. Ambev’s ratings are amongst the highest corporate ratings issued by Fitch in LatAm due to the company’s excellent business position, strong cash flow generating capacity, and the stability and defensive nature of the beverage industry. The ratings are higher than Brazil’s country ceiling of BBB+ due to the geographic diversification of the company’s operations and cash flows, and the close credit linkage of Ambev and AB InBev.