Fitch upgrades MHP's IDR to 'B'

Fitch Ratings has upgraded MHP SE's Long-Term Foreign-Currency (FC) Issuer Default Rating (IDR) and senior unsecured rating to 'B' from 'B-' and removed them from Rating Watch Positive. 

It is noted, that MHP's liquidity improved and refinancing risks fell after the net USD 240 million proceeds from the seven-year Eurobond placed in May 2017 were used to repay short-term debt and create a liquidity buffer. The remaining USD 245 million financed a tender for a portion of the USD750 million Eurobond due April 2020.

In addition, in the end of August 2017 MHP extended the tenor of its USD 100 million PXF facility from one to three years, which will cover the funding needs for its sunflower crushing operations. MHP's financial flexibility improved due to a lower concentration of debt maturities and the extension of the debt maturity profile.

Note: the international rating agency Moody's upgraded the corporate rating (CFR) of MHP from Caa2 to Caa1.