Moody's cuts Anheuser-Busch rating |
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Published
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Wed, 17 Jan 2007 00:03
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NEW YORK (AFX) - Moody's Investors Service on Tuesday cut its long-term debt ratings on Anheuser-Busch Cos. after the company approved a new, multiyear 100 million share repurchase program.The credit-rating agency lowered its long-term rating to 'A2' from 'A1' while affirming its 'Prime-1' short-term rating. Moody's has a stable rating outlook for the brewer.Moody's said it made the change after Anheuser-Busch moved to a more aggressive financial policy and lowered its target for its gross cash flow to debt ratio. The agency said it still expects Anheuser-Busch to 'maintain its strong leadership position in the U.S. beer operations and continue to generate large, stable cash flows.'St. Louis-based Anheuser-Busch shares rose 28 cents to close at $50.62 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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