FCG
01/09/2014 08:59
CREDIT
REL: 0859 HRS Fonterra Co-operative Group Limited
CREDIT: FCG: Fonterra Notifies Rating Agencies' Reviews
Fonterra Co-operative Group Ltd has been notified by Fitch Ratings and
Standard & Poor's Ratings Services that they have reviewed Fonterra's credit
rating.
Fitch Ratings has affirmed Fonterra's long and short-term issuer default
ratings at AA- and F1+, with a stable outlook. Fitch has also affirmed the
ratings of Fonterra's senior unsecured notes at AA-, subordinated notes at
A+, and commercial paper at F1+.
Standard & Poor's has affirmed Fonterra's short-term rating of A-1 but has
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. Standard and
Poor's has 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.
End CA:00254647 For:FCG Type:CREDIT Time:2014-09-01 08:59:47
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