Ambev S.A. -- Moody's affirms Ambev's A3 (local currency) and Baa1 (foreign currency) ratings; stable outlook

New York, August 12, 2015 -- Moody's Investors Service has today affirmed Ambev's Baa1 global scale foreign currency ratings and A3 global scale local currency ratings, following the rating agency's downgrade of Brazil's issuer rating to Baa3 from Baa2. Ambev is rated above Brazil's issuer rating and above the country's foreign currency ceiling for bonds and notes of Baa2, which is granted only under exceptional circumstances when an issuer's fundamentals are stronger than those of the sovereign. In the case of Ambev this is evidenced by its exceptionally strong credit metrics, ample liquidity, limited reliance on the local banking system for funding and meaningful cash generation outside Brazil, which is sufficient to service the company's foreign currency debt. These factors outweigh Ambev's links with the Brazilian economy. The outlook for all ratings is stable.

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