Barry Callebaut, the world’s leading manufacturer of high-quality chocolate and cocoa products, announced that today Moody’s Investor Service (Moody’s), one of the most important providers of credit ratings, upgraded Barry Callebaut’s long-term issuer rating to Baa3 investment grade, up from Ba1. At the same time, all senior unsecured ratings assigned to the bonds issued by Barry Callebaut Services N.V. have also been upgraded to Baa3 from Ba1. The outlook on all rating is stable.
The upgrade of Barry Callebaut’s rating to investment grade reflects the company’s improvements in operating performance and financial metrics. 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. Its cost-plus pricing model enables Barry Callebaut to successfully manage volatility in cocoa bean prices.
Remco Steenbergen, Chief Financial Officer of Barry Callebaut, said: “Returning to investment grade status honors our continuous work on more efficient capital use, while still keeping the good growth momentum. 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.”