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Credit Rating Sets Benchmark

Thursday 18 October 2001 For Immediate Release

Credit Rating Sets Benchmark


Fonterra Co-operative Group Ltd’s AA- credit rating from Standard & Poor’s is a benchmark to exceed, CEO Craig Norgate said today.

“We’re pleased to be rated as having similar capacity to meet our obligations as ANZ, ASB Bank, Citibank, Commonwealth Bank of Australia and HSBC,” he said.

“The rating is a solid endorsement of our balance sheet strength, diversity, global positioning and strategic importance to the New Zealand economy.

“My long term goal is to achieve a credit rating comparable with the New Zealand Government.”


END


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