The investment bank, ABN Amro, has reduced its rating on the UK's largest brewer, Scottish & Newcastle (S&N), from "add" to "reduce" on the back of S&N's cautious trading statement yesterday. S&N said yesterday it would incur additional costs of £15m (US$24.7m) in the second half in respect of the reorganisation of its UK beer division, Scottish Courage.

05 February, 2003