S&P Global Ratings said the ratings and outlook on New Zealand dairy supplier-owned Fonterra would not be affected by the outcome of the Danone arbitration.
Last week, a tribunal has determined that Fonterra must pay a total of $183 million in recall costs suffered by French company Danone after 2013 precautionary product recall.
The decision has no impact on the company's forecast milk price, which currently stands at $6.75 a kg of milksolids.
"We consider the company has ample liquidity to cover the payment," the ratings agency said.
The payment will reduce Fonterra's earnings per share range for fiscal 2018 to between 35 and 45 cents, down from a previous forecast of 45 and 55 cents.
"In addition, we expect dividends to reduce by a commensurate amount," it said.
The arbitration was in relation to Fonterra's precautionary recall in 2013 of a particular whey concentrate commonly used in infant formula and sports drinks.
The decision to recall was based on incorrect third party information that indicated a potential botulism contamination.
It was subsequently confirmed that there was no food safety risk to the public.
"In our opinion, the events are not indicative of any failing of corporate governance and we believe that Fonterra has appropriately addressed its food safety monitoring processes," S&P said.
S&P rates Fonterra's long term debt at A minus, with a stable outlook.