Ratings
News release
Dec 13, 2011: Standard & Poor's (S&P) upgrades Barry Callebaut to investment grade
Rating reports
On December 13, 2011, S&P upgraded the Corporate Credit Rating from BB+ to BBB-/Stable
On August 23, 2011, Moody's upgraded the Corporate Credit Rating from Ba1/Stable to Baa3/Stable.
Barry Callebaut has active relationships with Standard & Poor’s and Moody’s. Their current ratings are:
| Moody's | Baa3/Stable | Corporate Family Rating |
| Baa3/Stable | Senior unsecured notes (EUR 350 m) | |
| S&P | BBB-/Stable | Corporate Credit Rating |
| BBB-/Stable | Senior unsecured bank loan (EUR 850 m) | |
| BBB-/Stable | Senior unsecured notes (EUR 350 m) | |
| 4 | Recovery rating |
Based on Barry Callebaut's solid track record of stable operating margins and credit metrics, S&P upgraded Barry Callebaut from BB+ to BBB- with stable outlook on Dec 13th, 2011, based on:
- proven track record and improved financial metrics showing consistency and sustainability over time, also in challenging market environments with volatile raw material prices.
- The new rating is maintained by the company’s diversified product and geographic position, alongside its cost-plus pricing model, which enables Barry Callebaut to pass on price increases in raw material prices to its customers,
- as well as the steady levels of demand from its broad customer base.
Based on Barry Callebaut's solid track record of stable operating margins and credit metrics, Moody's upgraded Barry Callebaut from Ba1 to Baa3 on May 27, 2011 mainly based on:
- Company’s track record of stable operating performance in spite of volatile cocoa prices and challenging economic conditions
- Established presence in all major markets, including emerging markets
- Proven Business Model
