KEY POINTS:
Another credit rating agency has reinforced the message to Fonterra that milk producers must remain at the end of the line of creditors, or the company's rating will suffer.
Fonterra wants to split into a milk-supply co-operative and an operational subsidiary and list about 35 per cent of its shares on the NZX so it can raise capital through outside investors for overseas investments.
Fitch yesterday affirmed its AA-minus credit rating.
