Degroof, the Belgian bank, has downgraded its rating on the Belgian brewing force, Interbrew, to "reduce" from "hold". The bank believes that the current heat wave in Europe would become a negative factor for the brewing industry. Christophe Piron, Degroof's analyst, said: "We do not see any reason for Interbrew to outperform the sector as more than 40% of its volumes comes from Europe."

13 August, 2003