S&P rates Agrokor notes B

Standard & Poor's said it assigned its B long-term rating to the proposed €475 million equivalent senior unsecured notes due 2020 to be issued by Agrokor dd.

The agency said the rating on the proposed bond is equalized with the long-term issuer credit rating on Agrokor, S&P said it believes the level of contractual and structural subordination for future holders of the notes to be issued is low, because most of Agrokor's debt is issued by the Agrokor group's holding company and the main operating companies provide upstream guarantees for the proposed bond.

The rating also reflects Agrokor's fair business risk profile and highly leveraged financial risk profile.

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