Fitch Ratings has affirmed Russia-based Agribusiness Holding Miratorg LLC's Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B'. The Outlook is Stable. Fitch has simultaneously withdrawn all ratings for commercial reasons. The ratings reflect Miratorg's currently heightened leverage levels due to ongoing, largely debt-funded, capex expansion projects and high amount of guarantees provided for related parties' liabilities. This is balanced by the group's large scale, its strong market positions in Russia and a high degree of vertical integration across the value chain, which results in strong EBITDA margins. The. Read more...
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