Moody's continues Thai Bev review

Moody's Investors Service said that the Baa2 rating of Thai Beverage PCL will remain on review for downgrade, after TCC Assets Ltd., a vehicle controlled by the main shareholder of Thai Bev, announced its bid last week to acquire Fraser & Neave.

"While TCC's offer for Fraser & Neave does not have an immediate impact on Thai Bev's ratings, it raises additional uncertainty regarding the motivation of its controlling shareholder and its influence over the group's strategic direction," Moody's vice president and senior analyst Annalisa di Chiara said in a news release.

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