Fitch Ratings has affirmed Ukraine-based poultry and agricultural producer MHP S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'CCC', Fitch has said in its press release.
“MHP”s Long-Term Foreign Currency IDR remains constrained by Ukraine’s Country Ceiling of ‘CCC’,” Fitch said.
The Long-Term Local Currency IDR is pressured by the company’s weak liquidity position, its exposure to the Ukrainian economy, high FX and refinancing risks, as well as tight headroom under the eurobond leverage covenant and a moderately aggressive financial policy. At the same time, MHP’s robust business model and growing exports are positive for its credit profile, Fitch said.
