Fitch turns Trans-Oil trend to positive

Fitch Ratings said it revised Aragvi Holding International Ltd.'s (Trans-Oil) outlook to positive from stable and affirmed its long-term foreign-currency and local-currency issuer ratings at B.

“The positive outlook is driven by Trans-Oil's increased scale and improved diversification following the expansion of its origination and marketing segment into new countries such as Argentina and Germany with foreign origination reaching 86% of sales during financial year end to June 2021. The improved scale and diversification is also underpinned by the acquisition of Serbian assets,” Fitch said in a press release.

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