New York, December 19, 2013 -- Moody's today downgraded North American Breweries' ("NAB") CFR to Caa1 from B2, PDR to Caa1-PD from B2-PD and Senior Secured Term Loan to Caa1 (LGD4-55%) from B2 (LGD5-54%). The downgrade follows another weak quarter that exacerbated already weak financial metrics and liquidity and required an equity cure from its parent, Cerveceria Costa Rica S.A. (CCR S.A., not rated) to keep it in compliance with its financial covenants.
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