THE NETHERLANDS: Fortis cuts rating on Grolsch
By just-drinks.com editorial team | 21 February 2003
The investment bank, Fortis Bank, has reduced its recommendation on the Dutch brewer, Grolsch, from "buy" to "accumulate". The bank said the lower rating was due to a disappointing outlook for the brewer which this week posted a 5% increase in net profit for 2002 but declined to give a forecast for the coming year because of uncertain market conditions.
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The investment bank, Fortis Bank, has reduced its recommendation on the Dutch brewer, Grolsch, from "buy" to "accumulate". The bank said the lower rating was due to a disappointing outlook for the brewer which this week posted a 5% increase in net profit for 2002 but declined to give a forecast for the coming year because of uncertain market conditions.
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