Anheuser-Busch InBev stock gets S&P upgrade as deleveraging advances

Anheuser-Busch InBev received a stronger credit assessment on Monday, November 9, 2026, as S&P Global Ratings raised the brewer's issuer ratings to A/A-1 from A-/A-2 and revised the outlook to stable from positive. The rating action reflects the agency's view that debt reduction is progressing while the company continues to generate substantial discretionary cash flow.

Anheuser-Busch InBev stock traded at 75.53 euros on Lang & Schwarz at 17:56 CET on Wednesday, November 11, 2026.

Deleveraging supports the rating case

In its research update, S&P said Anheuser-Busch InBev's 2026 performance was broadly in line with its base case. The agency forecasts reported revenue growth of about 9 percent, an adjusted EBITDA margin close to 37 percent and adjusted debt to EBITDA of 2.5 to 2.6 times by year-end, compared with 2.8 times in 2025.

S&P also expects discretionary cash flow close to 5 billion US dollars annually over the next 24 months. It raised the senior unsecured debt rating to A and the commercial paper rating to A-1, citing strong liquidity and a conservative financial policy.

China remains the main execution risk

The credit upgrade does not remove the brewer's operating pressure points. S&P noted that first-nine-month organic revenue growth reached 5.4 percent, supported by price and product mix, while volumes fell in North America and Asia Pacific, with China the main drag.

Premium brands, low- and no-alcohol products and the Beyond Beer portfolio remain important growth levers. S&P expects revenue growth in 2027 and 2028, but also sees continued sales and marketing investment and input costs limiting margin expansion.

European markets provide the broader setting for Anheuser-Busch InBev through the Euro Stoxx 50.

For more company-specific coverage, see More news and analyses on Anheuser-Busch InBev stock.