Largest regional company Agrokor receives better rating from Moody’s as well
Dec 09, 2010
After the recent ratings outlook improvement granted to Agrokor by the international credit rating agency Standard&Poor’s, Moody’s, another major international credit rating agency has today changed the outlook on the ratings of Agrokor from “stable” to “positive”. This news reconfirms the trust of international investors and analysts in the business model of Agrokor, the region’s largest company, and reflects its outstanding financial results even in a very challenging economic environment. According to Moody’s lead analyst for Agrokor the positive change in ratings outlook reflects the improved operating performance of the company during the first nine months of 2010, the enhanced headroom under its bank debt covenants and the improved debt maturity profile. Moody’s further states that despite the challenging macroeconomic environment in its key markets Agrokor was able to keep or even increase market shares in its main business segments. Agrokor also additionally decreased its reliance on short-term financing by the EUR 400m senior unsecured bond issue in December 2009 and the EUR 352m syndicated loan facility issued in June 2010. Rating improvement information are availble on the Moody’s websitewww.moodys.com.