San Miguel gets rating cut for expansion plans

MANILA, Philippines – Debt watcher Standard & Poor’s (S&P) lowered its credit ratings for San Miguel yesterday but Asia’s largest food and beverage conglomerate remained set on expanding beyond its core businesses.

The long-term foreign currency corporate credit rating downgrade, to ‘BB-’ from ‘BB’ with a stable outlook, “reflects the weakening credit profile of San Miguel as a result of recent actions taken by the company,” S&P said in a statement.

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