S&P changes Heineken view to negative

S&P said it revised the outlook for Heineken to negative from stable, expecting its earnings to be dampened by the coronavirus pandemic.

“Lockdowns, social distancing and the imminent economic recession are reducing beer consumption. Heineken's reported first-quarter 2020 sales indicate that volumes in March declined by 14%, a sign of the negative impact of lockdown measures adopted during this month in several countries,” the agency said in a press release.

S&P said it expects the company’s revenues to decline at least 10%-15% this year.

S&P affirmed the company’s BBB+ rating.

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