Brown-Forman declares special dividend

Associated Press Modified: November 27, 2012 at 3:00 pm •  Published: November 27, 2012

Moody's Investors Service said that the dividend payment is a credit negative for Brown-Forman, but not enough to change the company's investment-grade A1 rating or stable outlook. Moody's estimated that the payout will total about $850 million and will be funded with a combination of cash and debt.

Fitch Ratings also said that it will not take any rating action following the special dividend announcement. It has an investment-grade "A+" long-term issuer default rating with a stable outlook.