Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Strong Credit Rating Underlines Ability

Tuesday 16 April 2002

Strong Credit Rating Underlines Ability To Fund Growth Strategy


Fonterra’s very strong credit rating underlines the company’s ability to fund its acquisition and joint venture strategy from the strength of its balance sheet, Chief Financial Officer Graham Stuart said today.

Mr Stuart was commenting on Fitch Ratings assigning Fonterra a long term rating of AA- and a short-term rating of F-1+, both equivalent to last year’s ratings by Standard & Poor’s of AA- and A-1+ respectively, and meaning that Fonterra has very strong capacity to meet its debt obligations.

It gives Fonterra the same rating as other Fitch clients such as Telstra, BellSouth Telecommunications, IBM, Carrefour, ASDA Group, Tesco, Reuters and Dow Jones.

“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,” Mr Stuart said.

Fitch is one of the three leading ratings agencies in the world, along with Moody’s and Standard & Poor’s, and was formed in June 2000 from the merger of New York and London based Fitch IBCA and Chicago’s Duff & Phelps. Fonterra 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.

END

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news