Standard & Poor's Ratings Services said today that it assigned its preliminary 'A+' senior unsecured debt rating to Anheuser-Busch Cos. Inc.'s $2 billion Rule 415 shelf registration for debt securities, Reuters reported. The 'A-1' short-term corporate credit and commercial paper ratings also were affirmed.
About $6.6 billion of total debt was outstanding at Dec. 31, 2002. The ratings reflect Anheuser-Busch Cos. Inc.'s leading market position in the U.S. beer industry, strong cash flows, and moderate financial policies.
"Standard & Poor's expects Anheuser-Busch to maintain its strong market position and sustain credit measures appropriate for existing ratings, despite the company's continued aggressive share-repurchase activity," said Standard & Poor's credit analyst Nicole Delz Lynch.
Anheuser-Busch commands about 49% of the U.S. beer market (excluding exports), more than twice that of its nearest competitor, and holds the No. 1 and No. 2 U.S. beer brands in its portfolio.
Following several years of improved industry fundamentals, Anheuser-Busch's 2.1% domestic volume growth in 2002 continued to surpass the industry average, which was closer to 1%.
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