Interbrew’s rating has been cut on the back of its merger with AmBev. ING said today that it had moved its rating on the Belgian brewer downwards to “sell” from “hold.”

In a research note, ING said: “We have a string of criticisms: low visibility, loss of credibility for management, higher profit volatility with lower EPS, and no solution to the FEMSA Cerveza problem.

“This kind of deal underlines the value destruction image of the beer sector,” the bank added. ING also reduced its price target for Interbrew to ˆ20.

05 March, 2004