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Barry Callebaut AG Mar 11
Standard & Poors, March 2011
Abstract
Leading global chocolate products supplier for the food industry. Strong competitive position, benefitting from outsourcing trends in the food industry. Exposure to commodity price volatility. Operating a capital-intensive business. The ratings on Switzerland-based Barry Callebaut AG reflect Standard & Poor's Ratings Services' view of the group's 'significant' financial risk profile. Offsetting this, to some extent, is the group's enhanced position as the world's largest and sole independent global supplier of cocoa and chocolate products to the food industry. Over the past quarters, Barry Callebaut's sales volume growth has exceeded 2%-3% world market growth, based on healthy growth conditions in emerging markets and slowly recovering economic environment in developed markets. For the three months to Nov. 30, 2010, the group's sales...
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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