Triple "A" Rating for the Issue of Ordinary Bonds
on the part of the “Fideicomiso Grupo Nacional de Chocolates S.A.” Trust
As announced on June 19, the Board of Directors of Grupo Nacional de
Chocolates S.A. authorized a self-standing fund to be set up for placing an
issue of ordinary bonds; this for the purpose of substituting certain liabilities
held by its subsidiaries.
Today, the ratings firm, Duff & Phelps de Colombia S.A., Calificadora de
Valores, gave this issue of Ordinary Bonds on the part of the “Fideicomiso
Grupo Nacional de Chocolates S.A.” trust, a triple “A” rating, which is the
highest credit rating given by this firm.
This ratings firm in a communication to the Group commented “the rating
given by Duff & Phelps de Colombia S.A. SCV reflects the outstanding
competitive position of the Grupo Nacional de Chocolates S.A. in all those
business sectors where present, together with its diversified line of food and
its “top of mind” brands. The Group offers a robust credit profile based on
the positive performance of each of its divisions and on its conservative levels
of indebtedness. The growing geographical diversification of its operations
provides additional value to this rating having extended its traditional market
(…)”
The firm also added that “the sales and operating results obtained by the
Group have produced sound and stable financial results. Operating earnings
performed favorably, due to higher revenues which have grown by 20.5% on
average over the last three years. This obviously has had a consequent
positive effect on the Group´s EBITDA and EBITDA margin.
Please find attached the communication from Duff & Phelps containing the
reasons for having given this Triple “A” rating.
Medellín, July 23, 2009
Press Release issued by the CEO´s Office of Grupo Nacional de Chocolates S.A..
Tel: 3258711 Medellín, Colombia