Article: Fitch Assigns Ratings To New Zealand's Fonterra Co-Operative Group Limited.

Business Editors

BRISBANE/HONG KONG/LONDON--(BUSINESS WIRE)--April 16, 2002

Fitch Ratings, the international ratings agency, has assigned a foreign currency Long-term rating of 'AA-' (AA minus) and a Short-term of 'F1+' to Fonterra Cooperative Group Limited ("Fonterra"). Also assigned are ratings of 'AA-' to unsubordinated notes issued under Fonterra's USD2.0 billion Euro Medium Term Note programme (EMTN) and of 'A+' to any subordinated notes issued under that programme. Finally, an 'F1+' rating is assigned to Fonterra's USD1.5bn Euro Commercial Paper (ECP) programme and USD1.5bn USCP programme. The Long-term rating Outlook is Stable.

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