Blue Ribbon Intermediate Holdings LLC Assigned 'B' Corporate Credit Rating, Stable Outlook; Various Liens Rated

Pabst Holdings Inc. (Pabst) is being acquired by the Great American Brewing Company, an investment vehicle owned by beverage industry entrepreneur Eugene Kashper, and investment entities affiliated with TSG Consumer Partners LLC for approximately $700 million. We are assigning a 'B' corporate credit rating to U.S.-based Blue Ribbon Intermediate Holdings LLC (Blue Ribbon), the newly formed ultimate parent company of Pabst. Blue Ribbon LLC will be the borrower of the company's proposed credit facilities. For analytical purposes, we view all entities as one economic entity. We are also assigning a 'B' issue-level rating and '3' recovery rating to the company's first-lien credit facilities and a 'CCC+' issue-level rating and '6' recovery to its second-lien credit facility. The stable outlook reflects

...+ Pabst Holdings Inc. (Pabst) is being acquired by the Great American Brewing Company, an investment vehicle owned by beverage industry entrepreneur Eugene Kashper, and investment entities affiliated with TSG Consumer Partners LLC for approximately $700 million. + We are assigning a 'B' corporate credit rating to U.S.-based Blue Ribbon Intermediate Holdings LLC (Blue Ribbon), the newly formed ultimate parent company of Pabst. + Blue Ribbon LLC will be the borrower of the company's proposed credit facilities. For analytical purposes, we view all entities as one economic entity. + We are also assigning a 'B' issue-level rating and '3' recovery rating to the company's first-lien credit facilities and a '###+' issue-level rating and '6' recovery to its second-lien credit facility. + The stable outlook reflects our expectation that the company's credit ratios will remain relatively stable over the near to intermediate term despite our belief that it will increase selling and marketing expenses...

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