Fitch Ratings affirmed Fonterra’s long and short-term issuer default ratings at AA- and F1+, with a stable outlook, Fonterra said.
Fitch had also affirmed the ratings of Fonterra’s senior unsecured notes at AA-, subordinated notes at A+, and commercial paper at F1+.
Standard and Poor’s affirmed Fonterra’s short-term rating of A-1 but 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. It 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.