Sao Paulo, February 25, 2016 -- Moody's América Latina has today downgraded the global scale rating to Baa3 from A3 and confirmed the national scale rating of Aaa.br of the BRL 1.0 billion senior debentures due 2021 issued by Ambev S.A. At the same time, Moody's Investors Service downgraded Ambev's foreign currency senior unsecured ratings to Baa3 (global scale foreign currency and local currency) from Baa1 (global scale local currency) and A3 (global scale local currency). The outlook for the ratings is negative.

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