Fitch confirmed the rating of MHP S.A. at «B», outlook "Stable"
Fitch Ratings-London/Moscow confirmed the long-term Issuer Default Rating ("IDR") in foreign currency of MHP S.A. at «B» with the "Stable" outlook. Rating is limited by Ukraine’s country ceiling at «B». Fitch also confirmed long-tern IDR of the company in national currency at «B+» with the "Stable" outlook. Senior unsecured rating on the guaranteed bonds of MHP was affirmed at «B» with recovery ratings «RR4».
The confirmation of MHP’s ratings reflects strong operating and financial performance that exceeded expectations of Fitch in 2011 and in the past period in 2012.
Ratings also consider projected stable credit metrics up to 2014 due to significant reduction in investment next year (after the launch of the first phase of Vinnitsa poultry in early 2013, which will increase poultry production capacity to at least 50 tons a year as part of the planned increase in production of 220 thousand tons by 2015.)