...Of the five largest brewers in the world, only four can claim to be truly international players: InBev, SABMiller plc ( BBB+ /Stable), Heineken NV and Carlsberg Breweries A/S ( BBB\## /Stable). Importantly, all have a large and growing exposure to emerging markets that balance their strengths in mature markets. Heineken, however, remains more reliant on its mature European markets and too dependent on JVs outside Europe, whereas Carlsberg s emerging market profits are limited to its eastern European subsidiary Baltic Beverages Holding AB (BBH). Anheuser\##Busch Companies, Inc. (AB, A /Stable) is almost as large as InBev in terms of profit, yet it remains too concentrated on the mature US market for its core profits as its international strategy has been focused on minority stakes, and is therefore less aggressive than its more acquisitive peers. Heineken and Carlsberg now have less financial flexibility in the aftermath...

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