Investec Securities has re-rated the Uk brewer Scottish & Nwecastle, saying it had cut it from "buy" to "hold". The company's analysts blamed a lacklustre outlook for its beer operations.

"After the restructuring announcement, now at least investors know what they are getting, that's been good for the shares." Investec's Anthony Geard said. "But we don't see much good news coming from the beer operations."

Investec haalso put the group's price target on the stock under review.