S&P gives B+ to AGT Food notes

S&P Global Ratings said it assigned its B+ issue-level rating and 3 recovery rating to AGT Food and Ingredients Inc.'s proposed C$175 million senior unsecured notes. A 3 recovery rating indicates an expectation of meaningful (50%-70%; lower half of the range) recovery in a default scenario.

S&P said it also affirmed its ratings on AGT, including its B+ long-term corporate credit rating on the company.

S&P said the ratings reflect the company’s leading position in the highly fragmented global pulse market, partially offset by AGT's narrow sourcing diversity and exposure to inherent weather-related risks and unpredictable supplies, which could lead to volatile earnings.

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