Fitch: Bunge's Ratings Unaffected by Net Sales and COGS Restatement

Business Wire, March 3, 2008

CHICAGO -- Fitch Ratings has determined that the ratings of Bunge Limited (Bunge) and its subsidiaries are not affected by the company's downward correction of net sales and cost of good sold (COGS) for 2007 by approximately $7 billion. Bunge's previously reported volumes, gross profit, segment operating profit, cash flow, net income and earnings per share are unaffected by these changes. There were two separate reasons for the changes:

--certain intercompany sales were incorrectly reported as third party transactions and thus not eliminated in the consolidation process; and

--certain trade structured finance activities were incorrectly reported on a gross basis when they should have been classified according to U.S. GAAP on a net basis.

As a result of these restatements, Bunge reported two material weaknesses in its internal controls. However, the auditors did express an unqualified opinion on the financial statements and financial statement schedule for the year ended Dec. 31, 2007. The company has already taken steps to strengthen its internal control processes.

The ratings of Bunge and its subsidiaries are as follows:

Bunge

--Issuer Default Rating (IDR) 'BBB';

--Cumulative convertible perpetual preference shares 'BBB-';

--Cumulative mandatory convertible perpetual preference shares 'BBB-'.

Bunge Limited Finance Corp. (Bunge Finance)

--IDR 'BBB';

--Senior unsecured notes 'BBB';

--Credit Facility 'BBB'.

Bunge Finance Europe B.V. (Bunge Europe)

--IDR 'BBB'.

Bunge N.A. Finance L.P. (BNAF)

--IDR 'BBB';

--Senior unsecured notes 'BBB'.

For additional information see Fitch's press release dated Nov. 2, 2007 titled "Fitch Rates Bunge's Preference Shares 'BBB-'; Affirms IDR at 'BBB'; Outlook to Stable" on the Fitch Ratings web site at www.fitchratings.com.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.