AB InBev

the near-term target, and is there any potential desire to move towards mid-single A ratings over time, given that that could lift you to Tier 1 commercial paper access? Thank you.

Hello. Good morning, Bria. Thanks for your question.

The best way to frame it is to go back to our resource allocation priorities. The objective at the end of the day is to maximize value creation. we always invest behind the organic growth of our business, and with the remaining cash, we balance the leveraging, shareholder payout, and selective M&A. When you think about the leveraging, we said a few times that we maximize the value of our business at two times, but 90% of these benefits we will be capturing around three times. So our goal is to do the right thing for the business, And by doing the right things for the business, the rating will be a consequence. In a nutshell, for the time, we still see a meaningful amount of value on the leveraging. We increased the dividend last quarter, but in the grand scheme of things, most of the cash is still going towards the leveraging. But as we start moving closer to three times, as we start passing three times, moving closer to two times, more and more we can have other priorities. But always with the mindset of doing the right thing for the business and rating will be a consequence.