Moody´s ups Agrokor´s ratings outlook

The international credit rating agency Moody's has increased the ratings outlook for the Croatian company 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," the statement on the company's website states.The change is a result of the improved operating performance in the first nine months of 2010, "the enhanced headroom under its bank debt covenants and the improved debt maturity profile."Despite challenging macroeconomic circumstances, Agrokor was able to keep and increase its market share in the company's main business segments. It also managed to decrease its reliance on short-term financing by issuing 400 million Euros unsecured bonds in 2009 and 352 million Euros syndicate loan in June 2010.

Source: Croatian Times Online News