By Phil Boeyen, ShareChat Business News Editor
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Tuesday 16th April 2002 |
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Fitch Ratings has assigned an AA- rating to Fonterra's long-term debt repayment ability and a short-term rating of F-1+.
The dairy company says the ratings are both equivalent to last year's Standard & Poor's ratings of AA- and A-1+, respectively.
"This is an excellent result and confirms Fonterra's underlying credit strength and the confidence of the rating agencies in the business profile and growth strategy," says Fonterra CFO Graham Stuart.
"It gives Fonterra the same rating as other Fitch clients such as Telstra, BellSouth Telecommunications, IBM, Carrefour, ASDA Group, Tesco, Reuters and Dow Jones."
Mr Stuart says Fitch is one of the three leading ratings agencies in the world, along with Moody's and Standard & Poor's.
He says the company chose Fitch as its credit rating agency after consulting with large investors in Fonterra debt and because of its knowledge of both the Australasian and European debt markets.
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