Moody’s Upgrades Barry Callebaut to Investment Grade

The rating is also supported with the company’s established presence in all major markets, including emerging markets, as well as on its proven business model.

5/30/2011 --- Barry Callebaut, the world’s leading manufacturer of high-quality cocoa and chocolate products, announced that Moody’s Investor Service, one of the leading provider of credit ratings, research and risk analysis, assigned a Baa3 corporate rating to Barry Callebaut AG, up from Ba1. The ratings outlook is stable. Moody’s also upgraded the rating of the EUR 350 million 2017 senior unsecured notes to Baa3.

The upgrade of Barry Callebaut’s rating to investment grade reflects the company’s track record of stable operating performance in spite of volatile cocoa prices and challenging economic conditions, which has allowed Barry Callebaut to achieve credit metrics in line with a higher rating category. The rating is also supported with the company’s established presence in all major markets, including emerging markets, as well as on its proven business model.

Victor Balli, CFO of Barry Callebaut, said: “To achieve investment grade status has been a long-term objective for our company. During the past years we put consistent focus on strengthening our balance sheet and financial metrics. Moody’s upgrade is a well appreciated recognition for our efforts.”