Fitch Ratings has cut its debt rating on brewer, Scottish & Newcastle, from BBB to BBB-minus. Fitch expressed doubts over S&N's ability to lower its debt in the short to medium term, saying it did not believe the brewer will be able to deleverage to a level consistent with a "BBB" rated company.

Meanwhile, it was also announced that Moody's has revised its debt outlook on S&N from negative to stable. A revision to stable usually indicates that the debt rating is less likely to be downgraded - something which can increase a company's borrowing costs - over the next two years.