Fitch Ratings has changed the ratings watch status of the UK drinks group Allied Domecq to "evolving" from "negative". The move follows news that Pernod Ricard has launched a takeover bid for Allied.

Fitch has also cut Allied Domecq's rating to "BB-plus".

"Although Pernod Ricard has confirmed that the facility is unsecured, Fitch still believes that such acquisition funding could subordinate Allied bondholders depending on the final details of this funding," Fitch said in Friday's statement.