Standard & Poors has assigned a rating of A+ for bonds issued from Fonterra's Australian subsidiary.
This follows a AA- minus rating from Fitch Ratings
Earlier this week, Fonterra successfully raised $A300 million through its first issue of corporate bonds across the Tasman.
The bonds are for a five year term, maturing in July 2016. They were priced at a spread of 100 basis points over the Australian five-year swap rate.