Standard & Poor's Rating Services has lowered its long-term ratings Foster's Group. At the same time, ratings on Southcorp and all of its outstanding debt issues were raised.

Foster's was reduced by S&P to BBB-minus from BBB, while Southcorp was shifted to the same rating from BB-plus.

The CreditWatch on both companies was removed.

Today marks the deadline for Foster's offer for Southcorp. The drinks group presently owns over 90% of the wine company.