USA: Anheuser-Busch outlook revised to negative by Fitch Ratings
Fitch Ratings on May 03 revised its outlook on Anheuser-Busch Companies, Inc. to negative from stable, citing an expectation it will take the company several years to return to its former profit margins, Reuters informed on May 03.
"Over the past three years, Anheuser-Busch Companies, Inc U.S. beer volume growth has slowed and actually declined in 2005 (versus modest industry growth)," Fitch said in a statement.
"Contributing factors have included competition from a revived Miller brand and growth in spirits and wine."
The company on April 26 posted earnings that topped Wall Street estimates, helped by better-than- expected U.S. volume growth and price increases.
The reversal in the company's price cut policy produced better-than-expected operating performance in the first quarter, "however, sustainability of these actions is important, particularly into the key summer months," Fitch said.
Last October the company said it planned to reverse its price cuts in a bid to generate stronger revenue growth.
The U.S. beer industry has suffered in recent years as consumer tastes have shifted toward cocktails and wine, forcing Anheuser-Busch to offer multiple discounts to try to drive volume higher.
"Longer term, low domestic-beer volume trends, limits on pricing actions, changing consumer tastes regarding alcoholic beverages, and trading up to more premium products are concerns," Fitch said.
Fitch ranks Anheuser-Busch's senior unsecured debt "A-plus," its fifth highest rating.
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