June 2 (Reuters) – Fitch Ratings said on Tuesday it planned to withdraw its ratings on Fonterra Co-operative Group, days after the dairy producer announced it would cease its engagement with the credit rating agency.
On May 22, the New Zealand-based company said it would end its relationship with the external credit rating agency to reflect its continued focus on operating as a simpler business.Â
The company, which is currently dual-rated by Fitch Ratings and S&P Global Ratings, said it will continue to be rated by S&P Global Ratings.
Fitch said it intends to withdraw the ratings on Fonterra on or about July 1, for commercial reasons.
Fitch currently maintains an international Long-Term Issuer Default Rating of ‘A’ on Fonterra, with a stable outlook. It also rates the company’s senior unsecured notes at ‘A’.
(Reporting by Anjali Singh in Bengaluru; Editing by Rashmi Aich)
