Friday, March 29, 2024

Agencies review Fonterra’s credit ratings

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Fonterra’s credit ratings have been maintained by one agency but another has lowered some.
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Fitch Ratings affirmed Fonterra’s long and short-term issuer default ratings at AA- and F1+, with a stable outlook, Fonterra said.

Fitch had also affirmed the ratings of Fonterra’s senior unsecured notes at AA-, subordinated notes at A+, and commercial paper at F1+.

Standard and Poor’s affirmed Fonterra’s short-term rating of A-1 but lowered its long-term rating on Fonterra and its rated senior unsecured notes to A from A+ with a stable outlook on the long-term rating. It also lowered the rating on Fonterra's subordinated notes to A- from A.

Chief financial officer Lukas Paravicini said the two agencies’ ratings of AA- and A continued to reflect Fonterra’s solid balance sheet position and strong liquidity and gearing.

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