SNS Securities raised its recommendation for Heineken, the Dutch brewing force, from "hold" to "add". The rise follows the publication of the brewer's 2002 earnings.

"Although we acknowledge some clear risk due to the current international political tension, Heineken has proved it is able to deliver strong results in difficult circumstances, which justifies our upgrading," Ton van Ooijen, SNS analyst, said in a statement.

05 March, 2003