Credit rating agency Fitch says Fonterra is a strong, profitable business which will experience "a few bumps in the road" in the next couple of years but is showing positive signs of reprioritising its balance sheet.

Fitch did not further cut Fonterra's credit rating after last week's profit downgrade in the third quarter financial results - the second downgrade this year - but said asset sales to reduce its leverage had become more important.

Fitch downgraded the credit rating of New Zealand's biggest company to "A negative" in early March after a profit downgrade announced in the half-year results.