ThaiBev shares take a hit on debt downgrade to junk status

THAI Beverage shares took a hard knock yesterday, leading losses in Singapore's benchmark index, after rating agency Standard & Poor's downgraded the company's debt to junk status.

The stock ended trading 4.2 per cent down at 45.5 cents. It fell 11 per cent last month, but was still in the plus territory year-to-date.

S&P cut its long-term corporate credit rating on the company to BB+, below investment grade, with a stable outlook.