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
Devon Funds Morning Note - 14 October 2025
October 15th Morning Report
Scott Secures $44M Appliance Contracts Across Americas
October 14th Morning Report
Can reporting what a witness says ever be an attempt to "harass and attack"?
Rakon director appointment
October 13th Morning Report
BPG - Quarterly Report Investor Webinar
RYM - Second quarter trading update
October 9th Morning Report