S&P cuts ThaiBev rating to below investment grade

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.