Milan, December 23, 2014 -- Moody's Investors Service, (Moody's) has downgraded the senior unsecured ratings of Danone to Baa1 from A3 and the senior unsecured rating on the EUR9 billion EMTN programme issued by Danone to (P)Baa1 from (P)A3. The outlook on all ratings is stable. The downgrade concludes the rating review initiated by the rating agency on 15 December 2014.

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