SINGAPORE: Credit agency lowers ThaiBev rating
ThaiBev has its credit rating lowered by Standard & Poor's
Trading in ThaiBev's shares resumed earlier today (11 April), after a credit agency lowered its rating on the group.
Standand and Poor's dropped its long-term credit rating for the Chang brewer to BBB- from BBB and gave it a negative outlook. ThaiBev had suspended trading in its shares on the Singapore Stock Exchange ahead of the announcement.
"We lowered our rating on ThaiBev because we expect the company's debt to remain high and its cash flow adequacy to stay weak over the next 24 months following its acquisition of a stake in F&N," said Standard & Poor's credit analyst Xavier Jean.
Earlier this year, the company secured a controlling stake in Singapore conglomerate Fraser & Neave after a drawn out battle last year for the group.
Shares in ThaiBev today closed up by 1.6% at SGD0.63 (US$0.51).
- Can craft breweries compete in lager arena?
- Remy Cointreau's Q1 performance by brand, region
- SABMiller's Q1 2017 results - Preview
- A snapshot of the UK spirits market - Focus
- SABMiller's Q1 sales performance by region - Focus
- New Hendrick's Gin would have to be "unusual"
- Brown-Forman takes distribution in Spain in-house
- AB InBev halts VAIP incentive plan
- Diageo appoints new Smirnoff head
- AB InBev faces US$7bn price rise for SABMiller
- Adultifying Soft Drinks; Capitalizing on rising adult demand for non-alcoholic beverages
- Global RTD insights - market forecasts, product innovation and consumer trends
- Global travel retail insights - market forecasts, product innovation and consumer trends
- Global non-Scotch whiskies insights - market forecasts, product innovation and consumer trends
- Global Scotch whisky insights - market forecasts, product innovation and consumer trends