S&P raises Barry Callebaut rating

BARRY CALLEBAUT has announced that Standard & Poor’s Financial Services LLC has upgraded the company’s long-term issuer rating to investment grade BBB-, from BB+. Also, senior unsecured ratings assigned to the bonds issued by Barry Callebaut Services N.V. have been upgraded to BBB- from BB+. The outlook on all ratings is stable.

The new rating to investment grade by Standard & Poor’s comes after the recent upgrade by Moody’s of Barry Callebaut’s long-term issuer rating to investment grade. Standard & Poor’s upgrade reflects the company’s improvements in operating performance in terms of profitability and cash flow generation. The rating is also supported by the company’s ongoing growth momentum in emerging markets and above-industry-average volume growth in mature markets.

Remco Steenbergen, Chief Financial Officer of Barry Callebaut, said: “The upgrade by Standard & Poor’s is a clear recognition of our ‘smart growth’ strategy, which combines consistently good business growth with a focus on continuously improving the financial metrics.”

Barry Callebaut is the world leader in high-quality chocolate and cocoa products manufacturing. In 2017, the company introduced Ruby, the fourth type of chocolate next to dark, milk, and white, produced from the Ruby cocoa bean thorugh a unique process that brings out a berry flavour.