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S&P: Barry Callebaut on watch
Standard & Poor's said it placed its BBB- long-term corporate credit rating on Barry Callebaut AG on CreditWatch with negative implications.
The agency said it also placed its BBB- issue rating on Barry Callebaut's senior unsecured debt on CreditWatch negative.
The CreditWatch placement follows Barry Callebaut's announcement that has reached an agreement to acquire the cocoa ingredients division of Petra Foods Ltd. for $950 million.
S&P said it understands that Barry Callebaut already has a bridge loan covering the transaction, to be replaced through equity and debt issues within 12 months.
As the amount of the future equity injection is not yet defined, the agency said it cannot yet fully assess the transaction's impact on Barry Callebaut's credit metrics.
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