Research Update: Barry Callebaut Upgraded To 'BBB-' On Moderate Financial Policy And Improved Financial Metrics; Outlook Stable Dec 11
- Language: English
- Published: December 2011
This article has been republished to clarify information about the group's bank covenants in the second paragraph of the Liquidity section. The rating reflects Barry Callebaut AG's position as the world's largest and sole independent global supplier of cocoa and chocolate products to the food industry and its growing downstream expansion into finished products. These factors are offset to some extent by the group's fairly aggressive financial profile, and partial reliance on short-term funding. Barry Callebaut's main business (accounting for 39% of sales in the six months to February 2004) is the provision of cocoa and chocolate products to food manufacturers. This division is the market leader in both Europe (41% market share) and North America (29%). It generates stable...
Companies mentioned in this report are: Barry Callebaut AG
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Barry Callebaut AG