Anheuser-Busch InBev stock gets S&P upgrade on deleveraging

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

Anheuser-Busch InBev stock traded at 76.39 euros on Lang & Schwarz at 10:46 CET on Thursday, November 12, 2026.

Deleveraging supports the upgrade

S&P said the rating 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, down from 2.8 times in 2025. The agency expects reported revenue to grow about 9 percent in 2026 and adjusted EBITDA margins to remain close to 37 percent.

The ratings agency forecasts free operating cash flow of 12.2 billion to 12.4 billion US dollars for 2026. After 4.7 billion US dollars of dividends and 2.7 billion to 2.8 billion US dollars of share repurchases, discretionary cash flow is expected to approach 5 billion US dollars. S&P considers liquidity strong, supported by cash balances, committed bank facilities and limited near-term debt maturities.

Growth remains uneven across markets

The upgrade does not remove the brewer's operating challenges. S&P said organic revenue growth reached 5.4 percent in the first nine months of 2026, supported by 0.7 percent organic volume growth and favorable price and product mix. North American volume fell 2.1 percent, while Asia-Pacific volume declined 5.6 percent, with China the main drag.

Brand investment is central to the medium-term case. S&P said megabrands grew 7.7 percent, led by Corona, while the Balanced choices and Beyond Beer portfolios each increased revenue by 19 percent. The agency expects revenue growth of 4.0 to 4.5 percent in 2027 and 3.0 to 3.5 percent in 2028, although sales and marketing spending, logistics and other input costs are expected to limit margin expansion.

For investors, the upgrade improves the external assessment of Anheuser-Busch InBev's balance-sheet trajectory, but the outlook still depends on cash generation and disciplined capital allocation. S&P assumes a balanced approach between debt reduction and shareholder returns, including about 3 billion US dollars of annual buybacks in 2027.

European equity sentiment remains part of the backdrop for the brewer, as shown in the current market reports.

More news and analyses on Anheuser-Busch InBev stock will focus on the next earnings update and evidence that China volumes and leverage are stabilizing.