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4.1 CONSOLIDATED FINANCIAL STATEMENTS AND NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 10. Financing and financial security, net debt and cost of net debt
DANONE
REGISTRATION DOCUMENT 2015
123
Company rating
As of December 31
2014
2015
Moody's
Standard and Poor's
Moody's
Standard and Poor's
Short-term rating
(a)
Rating
–
A-2
–
A-2
Long-term rating
(b) (c)
Rating
Baa1
(c)
A-
Baa1
(c)
A-
Outlook
Stable
Negative
(d)
Stable
Negative
(d)
(a) Rating given to the Company's commercial paper program
(b) Rating on the Company's debt with a maturity of more than one year.
(c) Rating lowered on December 13, 2014.
(d) Outlook attributed on December 23, 2014.
Note 10.4. Short-term investments
Carrying amount
As of December 31
(in € millions)
2014
2015
Money market funds
1,838
2,003
Bank deposits, negotiable debt instruments and other short-
term investments
479
512
Total
2,317
2,514
Counterparty risk in respect of short-term investments
The Group invests primarily in money market funds (French SICAV
monétaires
) or short-term money market funds (French SICAV
moné-
taires court terme
), which are highly liquid, diversified and not rated.
Bank deposits, negotiable debt instruments and other short-term instruments are subscribed from first-tier financial institutions.
Note 10.5. Net debt
As of December 31
(in € millions)
2014
2015
Non-current financial debt
6,598
8,087
Current financial debt
4,544
2,991
Short-term investments
(2,317)
(2,514)
Cash and cash equivalents
(880)
(519)
Derivatives – assets – Non-current
(153)
(125)
Derivatives – assets – Current
(28)
(120)
Net debt
7,764
7,799