Summary: Blue Ribbon Intermediate Holdings LLC

Narrow business focus as a virtual brewer with supplier concentration. MillerCoors brews the majority of its beer under a long-term contract; Limited product and geographic diversity, with Pabst Blue Ribbon generating about 40% of its revenues; and Strong brand equity in its core Pabst Blue Ribbon beer. Modest free cash flow generation (FOCF) allowing for debt reduction; and Financial sponsor owned operating with debt-to-EBITDA around 8x. S&P Global Ratings' negative outlook on Blue Ribbon Intermediate Holdings LLC reflects the risk that leverage remains high (debt to EBITDA above 8x) due to underperformance within its heritage and high end brand portfolios. To the extent performance remains soft, the company's EBITDA and cash flow will remain pressured, keeping leverage elevated several more

...Business Risk: Weak Financial Risk : Highly leveraged + Narrow business focus as a virtual brewer with supplier concentration. MillerCoors brews the majority of its beer under a long-term contract; + Limited product and geographic diversity, with Pabst Blue Ribbon generating about 40% of its revenues; and + Strong brand equity in its core Pabst Blue Ribbon beer. + Modest free cash flow generation (FOCF) allowing for debt reduction; and + Financial sponsor owned operating with debt-to-EBITDA around 8x....

Summary