...The Outlook revision to Positive in October 2019 reflects Anheuser-Busch InBev NV/SA's (ABI) shift tow ards a more creditor-friendly financial policy and Fitch's expectations that, subject to this stance being maintained w ell into 2021, ABI could reach credit metrics consistent w ith an IDR upgrade to `BBB+'. De-leveraging is supported by the application of about USD15 billion of divestment proceeds to debt repayment over 2019 and 2020 and a strong level of cash flow generation aided by the reduction of dividends that the company announced in October 2018. An upgrade w ould be contingent on cash flow remaining supported by the current restrained level of shareholder distribution and on debt-funded M&A spending remaining limited, enabling the company 's de-leveraging process to continue beyond FYE20. ABI's leverage remains higher than at other investment-grade multinational food, beverage and tobacco peers but is supported by the company's strong operating profile. The combination of both...
