NETHERLANDS: Heineken cheers investment grade ratings
Heineken publishes "stable" investment grade ratings
Heineken has said that it has secured solid investment grade credit ratings, underpinning its access to finance.
Heineken said today (7 March) that both Moody's and Standard & Poor's have handed the brewer "long-term" investment grade ratings. The ratings, which are Baa1 and BBB+ respectively, have a "stable" outlook, the Netherlands-based group said.
The news represents the first public credit ratings in the brewer's history, serving as a boost to Heineken's financial credentials, following two significant acquisitions in FEMSA Cerveza and Scottish & Newcastle in the past four years. The ratings may also allay any concern about Heineken's vulnerability to the eurozone debt crisis. The brewer has been moving cash out of the eurozone area in recent months.
Heineken said that the ratings reflect its "excellent geographic spread of profits and cash flows, its leading positions in beer markets across the world and its well-balanced growth strategy". Group CFO, René Hooft Graafland, added: "The award of these credit ratings underlines our commitment to transparency and diversification of our funding sources."
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