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Barry Callebaut AG May 04
Standard & Poors, May 2004
Abstract
This article has been republished to clarify information about the group's bank covenants in the second paragraph of the Liquidity section in the Rationale. Barry Callebaut is the only global chocolate-products supplier to the food industry with a solid history of profitable growth, and increasing geographical and business diversity; The favorable outsourcing trend in the food industry should give the company more opportunities to increase sales to key customers; and The group's size and successful track record of external growth should enable it to smoothly integrate recent midsize acquisitions into its consumer and gourmet divisions. Barry Callebaut is leveraged, which leaves the company only moderate flexibility to fund its growth strategy across its main divisions; Although the group's client base...
Companies mentioned in this report are: Barry Callebaut AG,Barry Callebaut Services N.V.
Action: Review
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
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