By Onome Amuge
GCR Ratings (GCR), an affiliate of Moody’s Investors Service has announced the withdrawal of the long term and short term Issuer ratings of A(NG)/A1(NG) respectively assigned to International Breweries Plc, without review.
The leading provider of corporate credit ratings, commentary,and research, disclosed on its website that the withdrawal was due to business reasons.
Accordingly, GCR said it no longer supports the above-mentioned credit rating on the entity and any dependent ratings.
GCR had in May 2022, affirmed the national scale long-term and short-term Issuer ratings of A(NG) and A1(NG) respectively, assigned to International Breweries Plc, with the outlook accorded as Stable.
Justifying its rating rationale, GCR said the ratings of International Breweries Plc. balance its strong market position and parental support, against persistent operating losses and high gearing.
The credit ratings firm affirms that no part of the rating process was influenced by any other business activities of the credit rating agency. It also stated that the ratings process was based solely on the merits of the rated entity, security or financial instrument being rated, adding that the ratings process was an independent evaluation of the risks and merits of the rated entity, security or financial instrument.
GCR further stated that the credit rating withdrawal does not imply that the entity is not servicing its debt obligations or that its financial position has deteriorated.
