Thursday 28 March 2024
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Standard & Poor’s upgrades Barry Callebaut to investment grade

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ZURICH, Switzerland — Barry Callebaut, the world’s leading manufacturer of high-quality chocolate and cocoa products, announced today that Standard & Poor’s Financial Services LLC (Standard & Poor’s), one of the most important providers of credit ratings, upgraded Barry Callebaut’s long-term issuer rating to investment grade BBB-, up from BB+.

At the same time, all senior unsecured ratings assigned to the bonds issued by Barry Callebaut Services N.V. have also been upgraded to BBB- from BB+. The outlook on all ratings is stable.

The upgrade of Barry Callebaut’s rating to investment grade 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.

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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.”

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