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BANGALORE, India -- Standard & Poor's Ratings Services placed its 'BB' corporate credit rating on Philippine-based food company Universal Robina Corp. (URC) on credit watch with negative implications, after a similar action on URC's parent, JG Summit Holdings Inc.

The agency flagged the possible downgrade, saying increased leverage and capital requirements at the parent level may cause URC to provide higher dividend payouts or financial support to the parent, thereby weakening its own rating support.

S&P also placed its 'BB' rating on the $200 million senior unsecured notes issued by URC's wholly owned unit, URC Philippines Ltd., on negative watch.

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• Moody’s raises PNB's BFSR to 'E+'; outlook stable
• Shares seen lower after oil prices hit new record
• Singtel expected to post flat year to March earnings

• Call centers scramble to widen talent pool
• ADB may let gov’t decide which projects to fund
• World stocks fall despite oil’s drop
• Oil falls below $144
• ERC turns down PSALM demand to collect P9B