Solid domestic market shares and brands, low cyclicality products, and strong credit metrics providing ample rating headroom support the rating. Moderate profitability and low country diversification remain constraints.

Strengths are high market shares, well-known brands, the low cyclicality of non-discretionary consumer products, and a strong financial risk profile. Moderate profitability and low diversification outside Norway are constraints.

The rating reflects Tine’s very strong credit metrics despite pressures on operating performance from cost inflation and decreased domestic sales volumes.