DBRS confirms Federated Co-operatives

DBRS said it confirmed the issuer rating and senior unsecured notes rating of Federated Co-operatives Ltd. at BBB (high) with stable trends.

The agency said the confirmations reflect solid operating performance during the last 12 months ended April 30, benefitting from increased energy segment earnings and notable growth in the crop supplies and fertilizer segment combined with stable balance sheet debt.

The ratings continue to be supported by the strong brand and market position of the Co-operative Retailing System, the co-op structure, the barriers to entry of the refinery business and low relative financial leverage, DBRS said.

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