Coors rated triple "B"
Standard & Poor’s announced that it assigned its triple-"B"-plus rating to brewer Coors Brewing Company’s US$ 750 million senior notes due 2012. Proceeds of the offering will be used to refinance an existing $750 million senior unsecured bridge facility. The notes are guaranteed by parent, Adolph Coors Co. (Coors) and by certain subsidiaries of Coors. At the same time, Standard & Poor’s affirmed its triple-"B"-plus corporate credit rating for Coors.
The outlook is negative. About US$1.67 billion of total debt was outstanding at Coors on 31 December 2001, pro forma for Coors’ acquisition of
the UK-based Carling business that closed in February 2002.
The rating outlook is stable. The ratings reflect Coors position as the third-largest brewer in the U.S.S..
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