Fonterra Co-operative Group Limited
(ASX:FSF) says it has been notified by Fitch Ratings that they have reviewed Fonterra’s credit rating.
Fitch ratings has lowered Fonterra’s long term Issuer Default Rating and senior unsecured rating to A from AA- and the company’s short term Issuer Default Rating to F1 from F1+.
Fonterra’s subordinated debt rating was also lowered to A- from A+
The company has reiterated to shareholders that the revised ratings will not have any impact on Fonterra’s strategy or on farmer shareholder pay-out.
Fonterra reported a net profit of $16.25 million at 31 July 2015.
