| ||AWB Limited's top credit rating renewed|| ||
Australia’s leading grain marketing company, AWB Limited, has had its short-term P1/A-1+ credit ratings reaffirmed by ratings agencies Moody’s and Standard and Poors.
The ratings are the highest attainable by a public company, and provide AWB with access to borrowings at the lowest possible rates.
Chief Executive Andrew Lindberg welcomed the ratings announcement, saying the decision was an endorsement of the company’s corporate structure and business strategy.
“AWB’s performance in its core business of managing pools and funding wheat growers’ harvest payments has been recognised by the agencies,” Mr Lindberg said.
“Our performance, combined with the security of the Single Desk for wheat exports, has given the ratings agencies the confidence to award us the highest possible short term credit ratings.
“The direct beneficiaries of this are the wheat growers of Australia, who through their company have access to finance at the most competitive rates, and our shareholders, who can be secure in the knowledge that they own a strong and viable business.”
AWB Limited is a significant short-term borrower in global capital markets. Each year the company sources around $A2 billion through domestic, US and European commercial paper programs to provide funds to growers though its National Pool Harvest Payment loans.
AWB Limited is a public unlisted company controlled and is predominantly owned by Australian wheat growers. The company plans to list on the Australian Stock Exchange in August this year.
For more information please contact Paul Ryan, AWB Limited Public Affairs on 0408 347 282