Anheuser-Busch InBev’s dividend cut is about the Fed, not the Bud.

The world’s largest brewer halved its dividend Thursday. The U.S. Federal Reserve’s interest-rate increases are roiling the emerging-market currencies in which it makes roughly two-thirds of its sales. For the third quarter, adjusted earnings before interest, taxes, depreciation and amortization rose 7.5% year over year in local currency but fell 6.5% in dollars. The meager harvest has prompted AB InBev to redirect profit toward lightening the debt burden...