Fonterra's credit rating with S&P Global is safe for now, but the agency's patience with the debt laden co-op is "not infinite", an S&P analyst said.

S&P Global analyst Graeme Ferguson, who this week released a report on Fonterra's restructuring, was blunt about Fonterra's shortcomings, but said he was confident it was on the right track as it seeks to sell assets, pay down debt and return to a more back to basics approach.

Fonterra still enjoys a high rating from S&P - A minus - but suffered two downgrades in 2015 and 2016.

Fonterra has 'lost its