This report does not constitute a rating action. LONDON (S&P Global Ratings) March 10, 2025--S&P Global Ratings today said that Central and Eastern Europe (CEE)-based agribusiness group Aragvi Holding International Ltd.?s (Aragvi; B/Stable/--) rating headroom can accommodate the proposed new add-on to its existing $550 million senior secured notes due 2029. The proceeds from the issuance will be majorly used to refinance drawn working capital bank facilities and fund about $10 million of planned additional capital expenditure (capex) investments in strategic infrastructure projects in the group?s operations in Moldova, Romania, and Serbia. Therefore, we view the transaction as largely credit neutral with only a slight increase in our S&P Global Ratings-adjusted debt to EBITDA (after readily marketable inventories) toward 3.0x
