Fitch rates Mriya Agro notes B-

Fitch Ratings said it assigned Mriya Agro Holding Public Ltd. long-term foreign- and local-currency issuer default ratings of B-, along with its planned $300 million of notes an expected rating of B- and an expected recovery rating of RR4.

The final ratings are contingent upon the receipt of final documents.

The outlook is stable.

The ratings reflect Mriya's above-average business risks, due to the strong cyclicality and seasonality of agricultural commodities, reliance on one geographic area in Ukraine and its relative small size and execution risk stemming from the management's rapid growth agenda, Fitch said.

These factors are mitigated by the long-term growth prospects for the agricultural sector in Ukraine and Mriya's comparatively high output yields relative to peers and independent farmers, the agency said.

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