THE NETHERLANDS: Fortis cuts rating on Grolsch
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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