NEW YORK (S&P Global Ratings) March 17, 2021--S&P Global Ratings today said that its ratings on beer and alcoholic beverage marketer Blue Ribbon Intermediate Holdings LLC (CCC/Negative/--) remain unchanged following the company's recent amendment to permit the sale of its subsidiary IBY LLC (which owns certain brewery equipment at its Irwindale, Calif. property) to an affiliate entity for $45 million. The equipment sale transaction also includes a lease agreement that will create a stream of lease income to unrestricted subsidiary IBY Property Owner LLC (IBYPO). IBYPO will use that income stream to pay maintenance and other real estate costs at the property as well as to repay the debt it issued in 2020 to fund the purchase of the brewery
