Tabcorp Holdings (Tabcorp) had its credit rating downgraded by Standard & Poor's on June 25, with the rating agency's April change to its criteria for assigning equity credit to hybrid instruments a key cause of the move. Tabcorp, which had the equity credit on its A$250 million (US$231.2 million) hybrid lowered to intermediate from high, has had its issuer rating reduced by one notch to BBB- with a stable outlook.