Koninklijke FrieslandCampina N.V. (Royal FrieslandCampina or RFC) ranks No.3 in the global dairy cooperative industry. The group's business risk profile is in line with those of its direct peers Fonterra and Dairy Farmers of America, mainly thanks to its long-tenured member base, underpinned by a milk valorization model allowing the group to distribute high returns to farmers through various mechanisms. We are assigning our 'BBB+' long-term and 'A-2' short-term ratings to RFC. The stable outlook reflects our view that RFC will maintain its financial performance in line with our expectation for the 'BBB+' rating, including an adjusted debt-to-EBITDA ratio in the 2.5x-3.5x range. On Sept. 7, 2017, S&P Global Ratings assigned its 'BBB+' long-term and 'A-2' short-term corporate credit ratings
