S&P lowers Thai Beverage

Standard & Poor's said it lowered its long-term corporate credit rating on Thai Beverage PCL to BB+ from BBB-. The outlook is stable.

At the same time, S&P affirmed its axBBB+ long-term and axA-2 short-term Asean regional scale ratings on the company.

S&P removed all the ratings from CreditWatch, where they were placed with negative implications on Nov. 27. S&P then withdrew all the ratings at the company's request.

"We lowered the rating on ThaiBev because we now view the company as a 'core' member of a corporate group that we assess as having weaker credit characteristics than those of ThaiBev as a stand-alone entity, following the implementation of our revised group ratings methodology criteria," said S&P credit analyst Xavier Jean in a news release.

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