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Recovery Report: Agroton Public Ltd. Recovery Rating Profile May 11 Product Image

Recovery Report: Agroton Public Ltd. Recovery Rating Profile May 11

  • ID: 1789392
  • May 2011
  • Standard & Poors

Abstract
We have assigned a recovery rating of '4' to the proposed unsecured notes to be issued by Ukrainian agricultural producer Agroton Public Ltd. (Agroton; B-/Stable/--), reflecting our expectation of average (30%-50%) recovery for noteholders in the event of default. We believe that Agroton would reorganize in the event of a default. Our simulated default scenario contemplates a default in 2013, linked to liquidity problems as a result of a poor operating performance and an aggressive expansion strategy. The issuer of the proposed notes is a holding company. It is registered in Cyprus but its subsidiaries operate in Ukraine. The proposed notes are unsecured and unsubordinated. They benefit from a suretyship (the equivalent of a guarantee under Ukrainian law), provided by...

Companies mentioned in this report are: Agroton Public Ltd.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

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Agroton Public Ltd.

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