Meanwhile, back home, Fonterra's share of the milk processing market dropped from 96 per cent in 2001 to 82 per cent currently, with consultants TDB Advisory expecting it to be about 75 per cent by 2021. ANZ Bank dairy analyst Susan Kilsby estimated that Fonterra may need to take further asset write downs of $NZ300 million to $NZ700 million, flagging Beingmate, the company's Chile offshore milk-processing business and Australian operations as concerns. Credit-rating agency Standard & Poor's, which has downgraded Fonterra twice in the last five years, expressed faith in the new management but warned of a "sizable execution risk".