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Barry Callebaut AG Feb 10
Standard & Poors, Feb 2010
Abstract
The leading global chocolate products supplier to the food industry. Benefits of the favorable outsourcing trend in the food industry. Exposure to commodity price and foreign exchange risks. Political event risk in cocoa sourcing countries. Relatively high debt leverage, particularly when considering seasonal working capital fluctuations. The ratings on Switzerland-based Barry Callebaut AG reflect our view of the company's 'aggressive' financial risk profile, offset to some extent by its enhanced position as the world's largest and sole independent global supplier of cocoa and chocolate products to the food industry. Barry Callebaut's sales volume growth, which had fallen behind expectations in the first half of fiscal 2009 (year ended Aug. 31, 2009), picked up again in the second half. Volumes grew...
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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