Pernod Ricard has had its rating cut.

Credit Suisse has down-shifted its coverage of the French drinks company to 'underperform' from 'neutral' this week, saying it expects growth at the drinks company to slow to 3.5%, compared to Pernod's target of between 4% and 6%.

"Some of the major acquired Allied Domecq brands should see the downside of operating in markets in endemic decline, particularly in Europe," the broker said yesterday (29 June).