Fitch maintains stable Fonterra ratings

International credit agency Fitch Ratings has affirmed Fonterra’s long-term issuer default rating (IDR) at “AA-” and short-term IDR at “F1+”, with a stable outlook.

Fitch has also affirmed the ratings of Fonterra Co-operative Group Ltd’s senior unsecured notes at “AA-” and subordinated notes at “A+”.

It said ratings of Fonterra continued to be underpinned by the “financial flexibility” of having other creditors given precedence over the cooperative’s own farmer shareholders – the farmers effectively carry the risk associated with volatile global dairy prices and currencies.

The ratings also reflected the efficiency of the NZ dairy industry, its status as one of the world’s leading producers and Fonterra’s role as a cornerstone of the country’s economy, “and the agency’s assessment of implicit government support for the dairy industry in the event that it were ever required”.

Fonterra has managed its way through the global financial crisis, despite a sharp contraction of dairy prices and the reinstatement of tariffs in the European Union and subsidies in the United States.
http://news.smh.com.au

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