Moody's: Agrokor view stable

Moody's Investors Service said it changed the outlook on Agrokor DD to stable from positive.

The change reflects Agrokor's liquidity position, according to the agency.

The issuer has a B2 corporate family rating and a B2 senior secured rating on its €150 million bonds.

Moody's said it recognizes the strong organic and external growth figures reported by the company in the first half of 2007, its consolidation as a market leader in the region, the successful turnaround of its most recent acquisitions and most of all the significant growth prospects available to the company in South East Europe, which could be compatible with a higher rating.

The agency also said financial metrics have not improved as expected, mainly because of higher debt levels and weaker cash flow generation to sustain rapid growth.

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