...Solid Balance Sheet: Ambev S.A.'s (Ambev) ratings reflect the company's solid capital structure and its very strong FCF generation. The company's total debt/FFO and debt/EBITDA ratios were at about 0.2x in 2014. Since 2010, Ambev has maintained a net cash position. Fitch Ratings expects Ambev's revenues to grow in the mid-single digits in 2015 and FCF after capex but before dividends to be at least BRL11 billion. Therefore, Fitch expects Ambev's total gross leverage to remain below 1.0x. Rating Linkage with ABI: Ambev's rating is directly linked to that of Anheuser-Busch InBev NV/SA (ABI) due to Ambev's strategic importance to ABI. ABI owns 61.8% of Ambev's shares and the members of Ambev's board have been appointed by the controlling shareholders, ABI and Fundatpo Antonio e Helena Zerrenner. Ambev represented about 41% of ABI's consolidated EBITDA during 2014. ABI's `A'-rated Issuer Default Rating (IDR), Stable Rating Outlook and `F1' short-term IDR were affirmed in November 2014. Fitch...
