Anheuser-Busch InBev stock gains credit support from S&P upgrade

Published on 11/13/2026 at 10:37 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Anheuser-Busch InBev stock draws attention after S&P Global Ratings upgraded the brewer's credit profile. Deleveraging remains central.

Credit Upgrade Highlights Deleveraging

S&P Global Ratings raised Anheuser-Busch InBev's issuer ratings and moved the outlook to stable.
The agency expects continued cash generation and lower leverage, while operating execution remains important.

Anheuser-Busch InBev, BE0974293251, Illustration mit AI erstellt.

Anheuser-Busch InBev received a stronger credit assessment on Monday, November 9, 2026, after S&P Global Ratings raised its long- and short-term issuer ratings to A/A-1 from A-/A-2 and revised the outlook to stable from positive. The rating agency also lifted the senior unsecured debt rating to A and the commercial paper rating to A-1.

S&P Global Ratings said the action reflects a clear path toward lower adjusted debt relative to earnings. Its base case puts adjusted debt to EBITDA at 2.5 to 2.6 times by the end of 2026, compared with 2.8 times in 2025.

Cash Flow Supports Lower Leverage

S&P expects Anheuser-Busch InBev to generate reported revenue growth of about 9 percent in 2026, with an adjusted EBITDA margin close to 37 percent. The agency forecasts free operating cash flow of 12.2 billion to 12.4 billion US dollars for the year. After dividends and share repurchases, discretionary cash flow is expected to approach 5 billion US dollars.

The rating outlook reflects the expectation that the brewer will keep producing solid discretionary cash flow while gradually reducing leverage. S&P expects adjusted debt to EBITDA to remain within a 2 to 3 times range and move toward 2.4 times in 2027 and 2.2 times in 2028 under its base case. The agency also assumes revenue growth in 2027 and 2028, supported by volume, price and product mix.

Operating Execution Still Matters

The improved credit profile does not remove the need for operational delivery. Anheuser-Busch InBev's premium brands, low- and no-alcohol products and Beyond Beer portfolio are key growth levers, while regional demand and input costs can affect margins. The company's ability to balance debt reduction with shareholder distributions remains relevant for equity investors.

Anheuser-Busch InBev stock traded at 76.40 euros on Lang & Schwarz at 10:34 CET on Friday, November 13, 2026.