Fonterra credit rating cut by S&P over Beingmate deal, Fitch affirms rating

Fri, 29 Aug 2014

By Paul McBeth Aug. 29 (BusinessDesk) - Fonterra Cooperative Group has had its A+ credit rating cut one notch by Standard & Poor's over its investment in China's Beingmate Baby & Child Food, which the rating agency sees as a more aggressive push into the world's second biggest economy. Separately, Fitch Ratings affirmed its rating for the world's biggest dairy exporter. S&P lowered Fonterra's long-term rating to A and affirmed the short-term rating at 1-1, retaining a stable outlook on both, it said in a statement. Fonterra is paying a pr...

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