06 September, 2006

Brazil: Moody's lifts AmBev foreign currency issuer rating

Moody's Investors Service raised August 31 its foreign currency issuer rating on Brazilian brewer AmBev, Reuters reported August 31 citing an upgrade of Brazil's foreign currency country ceiling.

AmBev, short for Companhia de Bebidas das Americas, is Latin America's largest brewer and makes Brazil's three best-selling beers - Skol, Brahma and Antarctica.

A unit of global brewing leader InBev, AmBev said this month second-quarter profit soared 58 percent on strong beer sales in Brazil during the soccer World Cup and higher returns at its Canadian unit.

Moody's raised AmBev's foreign currency issuer rating to "Ba1," the highest junk rating, from "Ba2."

AmBev's global local currency issuer rating of "Baa3," the lowest investment grade, and its foreign currency rating of "Baa3" for its debt issues remain on review for possible upgrade, Moody's said in a statement.

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