...April 30, 2026 LONDON (S&P Global Ratings) April 30, 2026--S&P Global Ratings today assigned its 'B' long-term issue-level rating on the proposed senior secured notes to be issued by Aragvi Finance International DAC, the wholly owned financing subsidiary of Aragvi Holding International Ltd. (Aragvi, also Trans-Oil Group; B/Stable/--). The rating is in line with the long-term issuer credit rating on Aragvi and supported by the relatively lower amount of prior ranking debt in the capital structure, comprising short-term and long-term bank borrowings. Aragvi intends to use the net proceeds to partially refinance (through a concurrent tender offer) its existing $650 million senior secured notes due November 2029, repay a portion of its working capital-linked short-term bank borrowings, and pay transaction fees. We view the transaction as positive, as it extends the debt maturity profile in the capital structure, while moderately improving liquidity position. We forecast tight headroom under...
