Deutsche Bank has lowered its rating of Danish brewer Carlsberg AS to "hold" from "buy", saying it was concerned about the company's non-BBH operations.

In a research note, analysts said that yesterday's BBH results were evidence that the joint venture with Scottish & Newcastle was paying off.

The investment bank kept its "buy" recommendation on S&N, saying it had confidence in the UK group's non-BBH operations.

However, it said it was far less confident in the outlook for Carlsberg's non-BBH operations.