The US investment bank UBS Warburg has lowered its rating on the Pepsi Bottling Group from buy to hold. Speaking of the world's largest bottler of Pepsi beverages, the bank's analyst Caroline Levy said in a research note: "We are concerned that tough volume comparisons will make it hard for PBG to grow volumes in 2003. We are now assuming volume growth of 0.5% in North America (down from 1%)."