Recovery Report: Barry Callebaut AG's Recovery Rating Profile Apr 09
Standard & Poors, April 2009
Abstract
The debt ratings on the -350 million unsecured bonds due 2017 issued by Barry Callebaut Services N.V., and the ratings on the -850 million unsecured revolving credit facility (RCF) taken on by Barry Callebaut Services N.V. and its parent company Switzerland-based chocolate company Barry Callebaut AG (Barry Callebaut; BB+/Stable/--); are 'BB+', in line with the corporate credit rating on Barry Callebaut. The recovery rating on these debt instruments is '4', indicating our expectation of average (30%-50%) recovery in the event of a payment default. The recovery rating on the unsecured debt reflects our valuation of the group as a going concern--which is underpinned by the company's strong market positions worldwide and by the rather high barriers to entry in terms...
Companies mentioned in this report are: Barry Callebaut AG,Barry Callebaut Services N.V.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Barry Callebaut AG,Barry Callebaut Services N.V.
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