UK: Credit rating agency Standard & Poors has cut its outlook for Scottish & Newcastle to negative from stable but affirmed the brewers 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 groups 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".
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