SoftBank Becomes Japan’s Most Valuable Company as AI-Fueled Rally Drives Shares to Record High 
SpaceX IPO Could Become Largest in History with $1.8 Trillion Valuation Target 
Morgan Stanley Upgrades Winbond and Nanya to Overweight on Strong Memory Chip Market Outlook 
DOJ Investigates Group Linked to Reid Hoffman Over E. Jean Carroll Lawsuit Funding 
Alphabet Unveils $80 Billion Capital Raise to Accelerate AI Expansion, Secures $10 Billion Backing from Berkshire Hathaway 
Nvidia Unveils RTX Spark AI PC Chips, Expands Challenge to Intel, AMD, and Apple 
DBS Expands Wealth Centre Network Across Asia in Largest Physical Growth Push Yet 
Anthropic Files for IPO, Signaling a New Era for Public AI Investments in 2026 
Sable Offshore Wins Key Court Battle Over California Oil Pipeline 
Trump Adviser’s Investment in Thrive Capital Draws Scrutiny Over Federal Contracts 
MongoDB Q1 FY2027 Earnings Beat Expectations, Raises Full-Year Outlook 
Costco Q3 Fiscal 2026 Earnings Beat Expectations as Sales and E-Commerce Surge 
Universal Music Group Rejects Pershing Square Takeover Proposal 
Berkshire Hathaway to Acquire Taylor Morrison in $6.8 Billion Homebuilding Deal 
US Tightens AI Chip Export Rules, Impacting Nvidia and AMD Sales to Chinese Firms 
Tesla Keeps Graphite Supply Deal with Syrah Resources After Progress on Quality Issues 
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.
