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S&P upgraded Ambev‘s rating to A

S&P upgraded Ambev‘s rating to A

The rating agency Standard & Poors upgraded Ambev‘s corporate credit rating to A from A-. The outlook on the rating is stable. The upgrade reflects the analysis of Ambev‘s modest financial risk profile, prudent policies, and strong liquidity, attributes that help mitigate country risks in the markets where we operate.

According to the agency, The upgrade reflects the company‘s further debt reduction and some improvements in country risk related to Ambev‘s main market, Brazil, following its Nov. 17, 2011, upgrade. S&P also assessed the Company’s business risk profile as strong and highlighted that we report the highest margins in the industry due to our low fixed-cost structure and our leading position in most markets we operate.

In 2004, Ambev was the first Brazilian company to obtain the investment grade status in foreign currency given by Standard & Poors. In 2006, the same recognition was given by Fitch Ratings and, in the following year, by Moody‘s. In 2011, Fitch and S&P upgraded Ambev‘s rating to A- from BBB. The A rating is three notches higher than the foreign currency rating on Brazil and one notch higher than the A- transfer and convertibility risk (T&C) assessment on the country.

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