Moody's may up Advance Agro rating

Moody's Investor Services said it has placed the Caa3 rating for Advance Agro's guaranteed unsecured notes due 2007 under review for possible upgrade. The notes were issued by Advance Agro Capital BV and guaranteed by Advance Agro.

Moody's said the rating action follows the company's completion of a major debt restructuring program, which involved three local Thai banks, and the extension of the repayment schedule for its overdue debts in a period of nine years until 2012.

Moody's said it understands that as of Jan. 31, 2004 all affected debts were reclassified into long-term debt with their repayment schedules as stipulated under the agreement with the banks.

Moody's said the successful completion of this restructuring exercise has removed the uncertainty which prevailed over whether Advance Agro could reach an agreement with its principal banks and reduce near-term refinancing risk.

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