S&P puts Advance Agro on watch

Standard & Poor's said it placed Advance Agro PCL's B- long-term corporate credit rating and B- senior unsecured notes on CreditWatch with negative implications following the company's plan to be delisted from the Thai stock exchange as part of its restructuring plan.

The agency said the CreditWatch placement reflects uncertainties on Advance Agro's financial and business strategies and potential further weakening of the company's financial flexibility post-delisting. The company's liquidity position is weak and its 2007 financial performance to date was below expectations, S&P said, and Advance Agro had to arrange facilities to cover $48.7 million of debt due Nov. 15.

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