...+ Dairy company Koninklijke FrieslandCampina N.V. (RFC) reported lower-than-anticipated operating margins in 2017, owing to historically high milk costs. + This translated into S&P Global Ratings' adjusted debt to EBTIDA above 3.5x at year-end 2017, which leaves RFC with reduced headroom in its credit metrics for the current rating. + We are therefore revising our outlook on RFC to negative from stable, and affirming our '###+/A-2' ratings on the group. + The negative outlook reflects our view that there is at least a one-in-three likelihood that we will downgrade RFC over the next 12-24 months, if it is unable to restore its credit metrics, notably if adjusted debt to EBITDA remains above 3.5x. PARIS (S&P Global Ratings) April 25, 2018--S&P Global Ratings today said it revised its outlook on Dutch dairy company Koninklijke FrieslandCampina N.V. (Royal FrieslandCampina or RFC) to negative from stable, and affirmed its '###+' long-term and 'A-2' short-term issuer credit ratings on the group....
