Moody's affirms Advance Agro

Moody's Investors Service said it affirmed Advance Agro plc's B3 corporate family rating and B3 senior unsecured bond rating.

The outlook is negative.

The affirmation is in response to Advance Agro's announced cash-funded tender offer for its outstanding $144.055 million 11% notes due 2012, in which it plans to buy back up to $73.5 million of its notes, Moody's said.

Moody's said it believes the transaction will have a limited impact on Advance Agro's financial profile given the modest saving in interest expenses. The transaction seeks to provide the company with additional financial flexibility as it undertakes a corporate restructuring exercise, the agency said.

Its financial profile is strong for its B3 rating, Moody's said.

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