25 February, 2004

The investment bank, UBS, has raised its rating on shares in the Chilean brewing group, Compania Cervecerias Unidas SA (CCU), from neutral to buy, press revealed on February 20. The bank said that CCU's fourth-quarter results, published earlier this month, "significantly exceeded our expectations due to a lower-than-expected effective tax rate."

"Because our outlook for the Chilean economy and currency has turned even more positive of late, we have taken a fresh look at our projections and have adopted a more positive view on the stock," UBS added.

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