Moody's Places Asahi Ratings on Review After Acquisition -- Market Talk

Dow Jones12-18

1037 GMT - Asahi's debt-funded acquisition of assets in East Africa will raise leverage at a time when its credit metrics are under pressure from a cyberattack that disrupted domestic operations, says Ryohei Nishio at Moody's Ratings. The firm places Asahi's Baa1 issuer and senior unsecured ratings on review for downgrade. The outlook was previously stable. Nishio says the move reflects uncertainty around the deal, including post-acquisition deleveraging and whether that will entail acquiring the remaining 35% of East African Breweries. The deal will boost Asahi's debt by about 30%; acquired business revenue will represent only about 5% of overall revenue. Moody's could downgrade Asahi if leverage goes up, or if profitability deteriorates due to weak consumer spending or intense competition. Unforeseen escalation in fallout from the cyberattack or prolonged earnings erosion would add pressure.8 (fabiana.negrinochoa@wsj.Com)

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December 18, 2025 05:37 ET (10:37 GMT)

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Nishio says the move reflects uncertainty around the deal, including post-acquisition deleveraging and whether that will entail acquiring the remaining 35% of East African Breweries. The deal will boost Asahi's debt by about 30%; acquired business revenue will represent only about 5% of overall revenue. Moody's could downgrade Asahi if leverage goes up, or if profitability deteriorates due to weak consumer spending or intense competition. 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The firm places Asahi's Baa1 issuer and senior unsecured ratings on review for downgrade. The outlook was previously stable. Nishio says the move reflects uncertainty around the deal, including post-acquisition deleveraging and whether that will entail acquiring the remaining 35% of East African Breweries. The deal will boost Asahi's debt by about 30%; acquired business revenue will represent only about 5% of overall revenue. Moody's could downgrade Asahi if leverage goes up, or if profitability deteriorates due to weak consumer spending or intense competition. 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