Downgrade brewing for S&N

Standard & Poor’s may downgrade the credit rating of UK brewer Scottish & Newcastle following the firm’s acquisition of cider maker Bulmer and Portuguese brewer Sociedade Central de Cervejas. The BBB+ rated firm is paying £278 million (€386m) for Bulmer in a cash and share offer, and €429 million for Sociedade in a debt-financed takeover. Scottish & Newcastle will also assume €87 million of Sociedade’s debt.

The rating action serves to remind investors that in the consumers sector, credit

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