The investment bank, WestLB Panmure, has downgraded the shares of UK-based brewing group, Scottish & Newcastle (S&N), from "neutral" to "underperform" because of the underperformance of the company's Russian brewing operations.

WestLB has retained its 470 pence share price target on S&N, but the bank's analyst, Stuart Price, said forecasts may be cut if the Russian business continues to perform badly.