Friday 8th July 2011 |
Text too small? |
Ratings agency Standard and Poor’s has assigned a rating of A+ for the bonds issued by Fonterra’s Australian subsidiary in the wake of a $A300 million ($NZ388.3 million) issue of corporate bonds.
The bonds are for a five year term, maturing in July 2016, and were priced at a spread of 100 basis points over the Australian five-year swap rate.
Another agency, Fitch, has given the bonds an AA-minus rating.
Both ratings agencies ranked the bond in line with their respective ratings for Fonterra Co-operative Group Ltd which guaranteed the issue.
The company has tagged the cash for refinancing bank debt in Australia.
The Australian bond issue followed Fonterra's sale of bonds on the Chinese currency bond market, raising 300 million yuan ($NZ56m) through an issue of RMB-denominated bonds.
NZPA
No comments yet
Spark New Zealand appoints new director to the Spark Board
AFT to announce full year results on May 23 2024
CRP - Korella North Takes Another Two Steps Forward
May 3rd Morning Report
ASB workers to strike as bank proposes an effective pay cut
Rising tides, sinking stocks: study explores cost of climate change
May 2nd Morning Report
AGL - Change in Senior Management
Devon Funds Morning Note - 01 May 2024
Rick Christie to step-aside as a non-executive director