S&P cuts ThaiBev rating to below investment grade

Published Mon, Dec 9, 2013 · 10:00 PM
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STANDARD & Poor's Ratings Services (S&P) has cut Thai Beverage Public Co's credit rating to below investment grade to reflect the weaker combined profile of its corporate group.

S&P on Monday downgraded ThaiBev's long-term corporate rating by a notch to BB+ from BBB-, two weeks after placing the company on CreditWatch negative.

In response to the negative watch, ThaiBev has said it will no longer pay to be rated by S&P.

S&P said the change reflected revised ratings criteria, including viewing ThaiBev as a core and "partially insulated" member of a corporate group that also comprises Fraser and Neave (F&N) and TCC Assets. All three companies are controlled by Thai tycoon Charoen Sirivadhanabhakdi, and both ThaiBev and TCC Assets hold stakes in F…

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