Fitch affirms Miratorg

Fitch Ratings has affirmed Agribusiness Holding Miratorg LLC's (Miratorg) long-term foreign- and local-currency issuer default ratings at B. The outlook is stable.

“Miratorg's ratings continue to reflect its currently heightened leverage levels due to the ongoing capex-intense expansion project and increased amount of guarantees provided for related parties' liabilities,” the agency said in a news release.

“This is balanced by large scale, strong market positions in Russia and a high degree of vertical integration across the value chain, which results in strong EBITDA margins and large business scale.”

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