Bunge's worse-than-average performance during the global economic crisis has left the agribusiness giant's credit rating at risk if cash flows falter, Fitch has said.

The rating agency said that Bunge's decline in operating performance during the recession was "more severe" than expected for agricultural groups.

 "Therefore, the maintenance of ample liquidity by the company is crucial to retaining its ratings during this period of weak earnings," Fitch said.

Bunge in April announced its second successive quarter in the red, and cut roughly 30% from its 2009 earnings forecast.

Fitch said a "favourable agribusiness outlook" was also factored into its rating for the oilseed giant of BBB, two notches above junk.

Debt raise of $2.25bn

The agency's comments came as Bunge raised $2.25bn of debt - $1.65bn through bank facilities, to replace existing credit lines, and $600m in unsecured notes.

Jacqualyn Fouse, Bunge's chief financial officer, said the group was pleased by the "solid support" of its banks.

The bank facilities would give Bunge "the financial flexibility to manage liquidity and grow our business", she added.

The notes, offering a coupon of 8.50%, were priced at 4.79% above the equivalent Treasury bonds.

Bunge shares stood $1.57 lower at $63.82 in afternoon trade in New York.