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UK: Standard & Poor cuts S&N rating

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The rating agency Standard & Poor's has lowered its outlook on the UK brewer Scottish & Newcastle to negative from stable.

However, it also affirmed the company's long-term BBB corporate credit rating. At the same time it lowered its short-term corporate credit rating on S&N to A-3 from A-2.

S&P's said the move was due to "growing uncertainty about the timing of the expected restoration of the group's financial profile to a level consistent with the long-term ratings."

S&P credit analyst Vincent Allilaire said in a statement: "The rating actions reflect the group's willingness to use a substantial part of its free cash flow to participate in the consolidation of its industry on an opportunistic basis, as recently seen in the announcement of a 90m pound ($171m) investment in India."


Sectors: Beer & cider

Companies: Scottish & Newcastle

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