UK: Credit rating agency Standard & Poor’s has cut its outlook for Scottish & Newcastle to negative from stable but affirmed the brewer’s long-term "BBB" corporate credit rating, Business Scotsman reported on January 20.

However, S&P lowered its short-term rating, saying the move reflected "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 added that the brewer had "no flexibility for debt-funded acquisitions or share buybacks".

22 January, 2005