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).
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