Moody's upgrades Barry Callebaut to investment grade
(Thomson Reuters ONE) -
Barry Callebaut AG /
Moody's upgrades Barry Callebaut to investment grade
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Upgraded rating from Ba1 to Baa3
* Moody's today assigned a Baa3 issuer rating to Barry Callebaut AG
Zurich/Switzerland, May 27, 2011 - Barry Callebaut, the world's leading
manufacturer of high-quality cocoa and chocolate products, announced that today
Moody's Investor Service, one of the leading provider of credit ratings,
research and risk analysis, assigned a Baa3 corporate rating to Barry Callebaut
AG, up from Ba1. The ratings outlook is stable. Moody's also upgraded the rating
of the EUR 350 million 2017 senior unsecured notes to Baa3.
The upgrade of Barry Callebaut's rating to investment grade reflects the
company's track record of stable operating performance in spite of volatile
cocoa prices and challenging economic conditions, which has allowed Barry
Callebaut to achieve credit metrics in line with a higher rating category. The
rating is also supported with the company's established presence in all major
markets, including emerging markets, as well as on its proven business model.
Victor Balli, CFO of Barry Callebaut, said: "To achieve investment grade status
has been a long-term objective for our company. During the past years we put
consistent focus on strengthening our balance sheet and financial metrics.
Moody's upgrade is a well appreciated recognition for our efforts."
***
Barry Callebaut (www.barry-callebaut.com):
With annual sales of about CHF 5.2 billion / EUR 3.6 billion / USD 4.9 billion
for fiscal year 2009/10, Zurich-based Barry Callebaut is the world's leading
manufacturer of high-quality cocoa and chocolate - from the cocoa bean to the
finest finished product. Barry Callebaut is present in 26 countries, operates
more than 40 production facilities and employs about 7,500 people. The company
serves the entire food industry, from food manufacturers to professional users
of chocolate (such as chocolatiers, pastry chefs or bakers), to global
retailers. Barry Callebaut is the global leader in cocoa and chocolate
innovations and provides a comprehensive range of services in the fields of
product development, processing, training and marketing. The company is actively
engaged in initiatives and projects that contribute to a more sustainable cocoa
supply chain.
***
Contacts
for investors and financial analysts: for the media:
Evelyn Nassar Raphael Wermuth
Head of Investor Relations External Communications Manager
Barry Callebaut AG Barry Callebaut AG
Phone: +41 43 204 04 23 Phone: +41 43 204 04 58
evelyn_nassar(at)barry-callebaut.com raphael_wermuth(at)barry-callebaut.com
The complete news release can be downloaded from the following link:
--- End of Message ---
Barry Callebaut AG
P.O. Box Zurich
WKN: 914661;ISIN: CH0009002962;
Press Release (PDF):
http://hugin.info/100441/R/1519411/455969.pdf
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Source: Barry Callebaut AG via Thomson Reuters ONE
[HUG#1519411]
Unternehmensinformation / Kurzprofil:
Datum: 27.05.2011 - 13:45 Uhr
Sprache: Deutsch
News-ID 55085
Anzahl Zeichen: 4160
contact information:
Town:
Zurich
Kategorie:
Business News
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