The refinancing of Moldova-based trader and processor of sunflower seeds and grains Aragvi Holding International Ltd. (TransOil) is still ongoing, and S&P Global Ratings expects the transaction to be completed in the next 90 days. Under the proposed capital structure, we continue to expect the group's adjusted debt-to-EBITDA ratio will stand between 3.5x and 4.0x, depending on the final funding package, with EBITDA interest coverage of more than 2x in the coming two years. We are affirming and extending our preliminary 'B-' ratings on TransOil and its proposed U.S. dollar-denominated senior unsecured eurobond. The stable outlook on TransOil primarily reflects our view that the group will post good operating performance, continue toward deleveraging after the transaction, and maintain an interest
