S&P lifts Agrokor outlook to positive

Standard & Poor's said it revised its outlook on Agrokor d.d. to positive from negative.

This reflects significantly improved liquidity and upgraded corporate governance practices following the acquisition of an 8.3% stake in the company by the European Bank for Reconstruction and Development (AAA/stable/A-1+), the agency noted.

At the same time, S&P said it affirmed its B long-term corporate credit rating on Agrokor and assigned its B senior secured debt rating to the company's proposed €150 million eurobond issue.

S&P added that the ratings on Agrokor continue to be constrained by its aggressive, but improving, financial profile and by its exposure to developing economies in the western Balkans, noting that the company's business profile remains supported by its entrenched market positions in the Croatian retail segment and in several key food segments such as edible oils, margarine, ice cream, juices and mineral water.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.