S&P: Agrokor on watch

Standard & Poor's said it placed the B long-term corporate credit rating on Agrokor d.d. on CreditWatch with negative implications.

At the same time, the B rating on the €150 million senior guaranteed secured notes due 2011 was also placed on CreditWatch with negative implications, the agency said.

The CreditWatch placement follows the announcement that Agrokor was selected for the second and final round of a nonbinding tender to buy the majority share in Migros Turk TAS, the agency noted.

According to S&P, the CreditWatch placement reflects the uncertainty surrounding the funding of the transaction, the structure of which has not yet emerged, adding that the ratings on Agrokor continue to be constrained by its aggressive financial profile and by its exposure to developing economies in the western Balkans.

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