Delta Lloyd Securities has today changed its ratings for Heineken and Interbrew.

Delta has downgraded Heineken to "in-line" from "outperform," while upgrading Interbrew in the opposite direction.

In a note, analyst Richard Withagen wrote: "Heineken's growth profile is no longer more attractive than Interbrew's. However, currencies will affect the company's EBIT (operating profit) negatively in the next two years. DCF (discounted cash flow) fair value of €33 is in line with the current share price."

Regarding Interbrew, Delta said: "We expect more cost savings than currently announced. Interbrew does not overpay for AmBev."