S&P says Fonterra's restructuring is a 'painful' step toward recovery

Tue, 10 Sep 2019

By Rebecca Howard Sept. 11 (BusinessDesk) - Fonterra Cooperative Group has taken a painful step toward recovery but any wavering would put immediate pressure on its 'A-' rating, says S&P Global Ratings. The cooperative has a “reasonable prospect” of building a rating buffer over the next 12-18 months and the suspension of dividends and adjustment of the milk price indicate the group is willing to actively protect the interests of creditors which is “broadly analogous to the long-term sustainability of the cooperative,” the ratings agency...

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