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S&P Downgrades Major Philippine Corporation for the Crime of Investing in Infrastructure

S&P Downgrades Major Philippine Corporation for the Crime of Investing in Infrastructure

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May 12, 2011 (LPAC)–San Miguel Corporation, a mass conglomerate based in the Philippines which is best known for its beer, was downgraded by S&P today because, in the words of S&P’s credit analyst, “the company is likely to continue to invest in energy, infrastructure, and telecom assets over the next few years, which may result in further borrowing and depletion of its substantial cash reserves.”

San Miguel is run by Danding Cojuangco, who for years funded the radio show hosted by Butch Valdes, head of the Philippines LaRouche Society. Valdes had long advised Cojuangco to shift from various overseas investments to desperately needed domestic investment in infrastructure. Doing so, it appears, is not appreciated by the British Empire’s hitmen at the rating agencies.

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