Moody's Upgrades Barry Callebaut AG's Credit Rating
Chocolate and cocoa manufacturer Barry Callebaut has announced that its long-term issuer rating has been upgraded to Baa3 investment grade, from Ba1, by Moody’s Investors Service.
All senior unsecured ratings assigned to the bonds issued by Barry Callebaut Services N.V. have also been upgraded to Baa3 from Ba1. The outlook on all rating is stable.
'Efficient Capital Use'
The upgrade has been attributed to improvements in the company’s operating performance and financial metrics.
Remco Steenbergen, the chief financial officer of Barry Callebaut, said, “Returning to investment grade status honours our continuous work on more efficient capital use, while still keeping the good growth momentum.
"During the past years, we put a consistent focus on strengthening our balance sheet and financial metrics. Moody’s upgrade is a well-appreciated recognition for our efforts."
In April of this year, the company confirmed its mid-term financial targets of 4-6% volume growth, after a positive set of quarterly results.
Barry Callebaut produces chocolate and cocoa products for big food companies like Nestlé and Mondelez.
© 2018 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.