Barry Callebaut : Standard & Poor's rating action one notch down for Barry Callebaut to BB+

  Barry Callebaut : Standard & Poor's rating action one notch down for Barry
                               Callebaut to BB+

Barry Callebaut / Standard & Poor's rating action one notch down for Barry
Callebaut to BB+ . Processed and transmitted by Thomson Reuters ONE. The
issuer is solely responsible for the content of this announcement.

  *Standard & Poor's assigned a BB+ rating to Barry Callebaut AG
    

Zurich/Switzerland - March 28, 2013

According to Standard & Poor's, the downgrade reflects that the acquisition of
Singapore-based Petra Foods Ltd.'s Cocoa Ingredients Division indicates a more
aggressive financial policy than anticipated. 

On April 22 2013, Barry Callebaut will propose at an Extraordinary General
Meeting of Shareholders to finance the acquisition through a combination of
new equity for an equivalent amount of USD 300 million and a USD 600 million
Rule 144A/Reg S USD bond offering.

Victor Balli, CFO of Barry Callebaut, said: "After achieving investment grade
a bit more than one year ago, we expected and communicated in December 2012 a
potential downgrade based on the acquisition of Petra Foods' Cocoa Ingredients
Division and related rating metrics. We are convinced of the strategic
long-term value of this important strategic acquisition and, based on our
long-term strategy, we will continue to invest in future growth. Despite such
investments might temporarily affect our profitability, balance sheet ratios
and cash generation, we are fully committed to go back to investment grade
within the next few years."

                                     ***
                  Barry Callebaut (www.barry-callebaut.com):
With annual sales of about CHF 4.8 billion (EUR 4.0 billion / USD 5.2 billion)
 for fiscal year 2011/12, Zurich-based Barry Callebaut is the world's leading
manufacturer of high-quality cocoa and chocolate - from the cocoa bean to the
finest chocolate product. Barry Callebaut is present in 30 countries, operates
around 45 production facilities and employs a diverse and dedicated workforce
    of about 6,000 people. Barry Callebaut serves the entire food industry
focusing on industrial food manufacturers, artisans and professional users of
chocolate (such as chocolatiers, pastry chefs or bakers), the latter with its
two global brands Callebaut^® and Cacao Barry^®. Barry Callebaut is the global
 leader in cocoa and chocolate innovations and provides a comprehensive range
  of services in the fields of product development, processing, training and
 marketing. Cost leadership is another important reason why global as well as
local food manufacturers work together with Barry Callebaut. Through its broad
range of sustainability initiatives and research activities, the company works
 with farmers, farmer organizations and other partners to help ensure future
              supplies of cocoa and improve farmer livelihoods.

                                     ***

Contact
for investors and financial analysts: for the media:
Evelyn Nassar                         Raphael Wermuth
Head of Investor Relations            Head of Media Relations
Barry Callebaut AG                    Barry Callebaut AG
Phone: +41 43 204 04 23               Phone: +41 43 204 04 58
evelyn_nassar@barry-callebaut.com     raphael_wermuth@barry-callebaut.com

The complete news release can be downloaded from the following link:

News Release

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Source: Barry Callebaut via Thomson Reuters ONE
HUG#1688971

--- End of Message ---

Barry Callebaut
P.O. Box Zurich Switzerland

WKN: 914661;ISIN: CH0009002962;
 
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