...Stable Outlook Maintained: Fitch Ratings expects that Carlsberg Breweries A/S's profile will remain stable and commensurate with a 'BBB' rating, despite ongoing macroeconomic and geopolitical issues in eastern Europe. Carlsberg's tight credit metrics for 2014 do not fully align with its IDR, but Fitch believes Carlsberg will be able to reduce leverage in 2015 whilst still investing in supporting the long-term sustainability of its business. Cash Preservation Measures: In response to the challenging market in Russia and the significant fall in the rouble, Carlsberg has reviewed its investment and operating plans for 2015, focusing on cash preservation and deleveraging. This demonstrates its commitment to protect its credit metrics as well as its ability to respond to challenges. Solid Cash Generation: For 2015 Carlsberg plans to reduce capex, give M&A a low priority, and intensify its cost-rationalisation programmes globally ¡ including measures to protect profits in Russia. As a result,...
