Standard&Poor's snizio je u srijedu dugoročni i kratkoročni rejting Agrokoru s 'B-/B' na 'CC' što znači da postoji velika vjerojatnost neispunjavanja obveza, uz negativne izglede, koji odražavaju mišljenje te rejting agencije da bi kreditni rejting koncerna mogao biti snižen i na 'SD' što označava selektivni stečaj.
Agencija Standar&Poor’s snizila je u srijedu dugoročni i kratkoročni rejting Agrokoru sa ‘B-/B’ na ‘CC’, uz negativne izglede i s obrazloženim stajalištem da će Agrokor vjerojatno morati proći kreditno restrukturiranje pod nepovoljnim uvjetima što bi se izjednačilo sa stečajem po kriterijima S&P-ja.
Negativni izgledi, pak, odražavaju stajalište da bi kreditni rejting koncerna Agrokor mogao biti snižen i na ‘SD’ – selektivni stečaj, jednom kada se finaliziraju dogovori s kreditorima.
VEZANE VIJESTI
Dok se u Saboru raspravlja o “Lex Agrokoru“, a glavni direktor za restrukturiranje Antonio Alvarez III. počinje rad na restrukturiranju kompanije u kojoj su obavljene i prve kadrovske rošade, rejting agencija Standard & Poor’s dodatno je srezala rejting Agrokora, a očekuje njegovo daljnje snižavanje.
Iz S&P-ja navode da je glasnogovornica Agrokor grupe 2. travnja kazala da je kompanija postigla sporazum s bankama kreditorima o standstill aranžmanu. Skupina kreditora obuhvaća Sberbank, VTB, Erste, koje zajedno imaju većinu od 2,5 milijardi eura dugova po kreditirma grupe na dan 30. rujna 2016.
Banke su signalizirale da bi mogle osigurati Agrokoru 300 milijuna eura dodatnih kreditnih linija kako bi financirao kratkoročne potrebe za likvidnošću, prije svega za plaćanje dobavljača.
“Vjerujemo da su te nove posudbe potrebne kako bi se održala operativnost kompanije nakon, čini se, naglog smanjenja uvjeta trgovinskih kredita koje su mu dali njegovi dobavljači”, navode iz S&P-ja.
Kako se dodaje, po svemu sudeći, ta predložena transakcija i dalje ovisi o potpisanom sporazumu između Agrokora, njegovih vlasnika i glavnih banaka.
“Vjerujemo, međutim, da će standstill sporazum vjerojatno predstavljati smanjenje ekonomske vrijednosti u odnosu na originalne uvjete Agrokorovog paketa zajmova i da će on prema našoj metodologiji biti nepovoljan”, navode u S&P-ju.
Podsjetimo, agencija Moody’s potkraj ožujka smanjila je kreditni rejting Agrokora s prijašnjih B3 na Caa1, a vjerojatnost bankrota na Caa1-PD s B3-PD, dok izgledi za rejting i dalje ostaju negativni, jer, kako su istaknuli, kompanija više nije u stanju održavati visoku razinu obveza prema dobavljačima što može oslabiti njezinu likvidnost.
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S&P Global Ratings said on Wednesday it has lowered its long- and short-term corporate credit ratings on Croatian retailer Agrokor to ‘CC/C’ from ‘B-/B’, with a negative outlook.
At the same time, the ratings agency has lowered the issue rating on the company’s senior unsecured notes to ‘CC’ from ‘B-‘, it said in a statement.
S&P explained that it decided to lower its ratings following news that Agrokor and a group of its creditors have reached a deal to freeze debt payments.
“Agrokor is likely to undergo credit restructuring on distressed terms, which would be tantamount to default under our rating methodology,” it commented.
The ratings agency also said:
“On April 2, 2017, a spokesperson for the Agrokor group said that the company reached an agreement with its bank creditors to freeze debt payments. The creditor group includes Sberbank, VTB, and Erste Bank, which together account for most of the €2.5 billion loan debt for the Agrokor group, as of Sept. 30, 2016.
The banks have indicated that they might provide Agrokor with €300 million of additional credit lines to fund its short-term liquidity needs, which consist mostly of payments to suppliers. We believe that these new borrowings are necessary to keep the company operational after what appears to be an abrupt reduction in trade credit terms extended to it by its suppliers.
We understand that the proposed transaction still remains subject to a signed agreement between Agrokor, its owners, and the main banks. We believe, however, that the standstill agreement is likely to represent a reduction in economic value relative to the original terms of Agrokor’s loan package and will be considered distressed under our methodology.
The outlook is negative. We expect to downgrade Agrokor to ‘SD’ (selective default) if the standstill is agreed under terms that we consider distressed.”
– See more at: https://seenews.com/news/sp-downgrades-agrokor-ratings-to-ccc-outlook-negative-564234#sthash.yydnEp8s.dpuf
S&P Global Ratings said on Wednesday it has lowered its long- and short-term corporate credit ratings on Croatian retailer Agrokor to ‘CC/C’ from ‘B-/B’, with a negative outlook.
At the same time, the ratings agency has lowered the issue rating on the company’s senior unsecured notes to ‘CC’ from ‘B-‘, it said in a statement.
S&P explained that it decided to lower its ratings following news that Agrokor and a group of its creditors have reached a deal to freeze debt payments.
“Agrokor is likely to undergo credit restructuring on distressed terms, which would be tantamount to default under our rating methodology,” it commented.
The ratings agency also said:
“On April 2, 2017, a spokesperson for the Agrokor group said that the company reached an agreement with its bank creditors to freeze debt payments. The creditor group includes Sberbank, VTB, and Erste Bank, which together account for most of the €2.5 billion loan debt for the Agrokor group, as of Sept. 30, 2016.
The banks have indicated that they might provide Agrokor with €300 million of additional credit lines to fund its short-term liquidity needs, which consist mostly of payments to suppliers. We believe that these new borrowings are necessary to keep the company operational after what appears to be an abrupt reduction in trade credit terms extended to it by its suppliers.
We understand that the proposed transaction still remains subject to a signed agreement between Agrokor, its owners, and the main banks. We believe, however, that the standstill agreement is likely to represent a reduction in economic value relative to the original terms of Agrokor’s loan package and will be considered distressed under our methodology.
The outlook is negative. We expect to downgrade Agrokor to ‘SD’ (selective default) if the standstill is agreed under terms that we consider distressed.”
– See more at: https://seenews.com/news/sp-downgrades-agrokor-ratings-to-ccc-outlook-negative-564234#sthash.yydnEp8s.dpu.
