The international credit rating agency Standard & Poor’s announced today the upgrade of Agrokor’s credit rating outlook from ‘negative’ to ‘stable’.
This news is a new confirmation of the trust of foreign investors and analysts in Agrokor’s operations, which achieve exceptional financial results even in very challenging economic conditions and a confirmation of the stability of the business model, according to the press release. S&P states that Agrokor has managed to significantly extend the maturity of its obligations and improve liquidity by strengthening its balance sheet through the issuance of 400 million euros in bonds maturing in 2016 and through the recent conclusion of a syndicated loan amounting to 352 million euros. The mentioned balance sheet restructuring resulted in a reduction of short-term debt to less than 30% of total indebtedness. Additionally, the company has increased operational profitability and demonstrated a strong capacity to generate cash, which is evidence of the resilience of the business model to external disruptions. S&P emphasizes that Agrokor enjoys strong support from the international banking system, as stated by Agrokor.
