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Fitch Ratings announced on Tuesday that it plans to withdraw its credit ratings on Fonterra Co-operative Group after the New Zealand dairy giant decided to end its engagement with the agency. The move follows Fonterra’s recent announcement that it will discontinue its relationship with Fitch as part of its strategy to operate as a simpler and more streamlined business.
On May 22, Fonterra confirmed that it would no longer use Fitch Ratings for external credit assessments. The company stated that the decision aligns with its ongoing efforts to simplify operations while maintaining strong financial management and transparency for investors and stakeholders.
Despite ending its partnership with Fitch, Fonterra will continue to be evaluated by S&P Global Ratings. The dairy cooperative currently holds ratings from both agencies, but going forward, S&P Global Ratings will remain its sole external credit rating provider.
According to Fitch Ratings, the agency intends to withdraw all ratings assigned to Fonterra on or around July 1. Fitch cited commercial reasons for the planned withdrawal. At present, Fitch assigns Fonterra an international Long-Term Issuer Default Rating (IDR) of “A” with a stable outlook, reflecting the company’s solid financial position and creditworthiness. Fitch also rates Fonterra’s senior unsecured notes at “A.”
The decision marks a notable change in Fonterra’s credit rating structure but does not indicate any deterioration in the company’s financial health. Instead, the move appears to be part of a broader effort to simplify corporate processes and reduce reliance on multiple rating agencies.
Fonterra remains one of the world’s leading dairy exporters, and its continued investment-grade rating from S&P Global Ratings is expected to provide investors with ongoing insight into the cooperative’s financial strength. Market participants will continue to monitor the company’s credit profile and strategic developments as Fitch’s coverage officially comes to an end.
