6 Mar 2010

Long-term rating confirmed for Fonterra

7:14 am on 6 March 2010

Credit ratings agency Fitch has confirmed Fonterra's long-term rating as AA-.

Fitch says the company's ratings reflect the highly efficient nature of the dairy industry in New Zealand, and it is likely that the rating will remain stable.

Fitch says constraints on capital-raising place limits on Fonterra's financial flexibility, but the ongoing capital structure plan should address that.