Fonterra current credit rating status

Standard & Poor's (Australia) Pty Limited ("S&P") has rated the Company: A+/Outlook Stable, rating last affirmed December 2012.

Fitch Australia Pty Limited ("Fitch") has rated the Company: AA-/Outlook Stable, rating last affirmed January 2013.

Retail Bonds and Capital Notes

Fonterra has Retail Bonds and Capital Notes on issue and listed on the New Zealand Stock Exchange Debt Market (NZDX). To buy or sell Retail Bonds/Capital Notes please contact your broker (click here for a list of NZX participants).

Retail Bonds have been rated the same as the Company by both Standard & Poor's and Fitch. Capital Notes which are subordinate to other Fonterra debt issued are rated A by S&P and A+ by Fitch.

The following table provides further information:

Further documentation of interest:

• Master Trust Deed 
• Supplemental Trust Deed (No. 11)