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ZAGREB (Croatia), May 17 (SeeNews) - S&P Global Ratings said on Wednesday it has affirmed its corporate credit ratings on Croatian retailer Agrokor at SD/--/SD and has decided to withdraw them because the rating engagement was not renewed.
S&P said it also affirmed its 'D' issue rating on Agrokor's three series of senior unsecured notes, but added the ratings have been withdrawn because it has chosen not to continue ratings surveillance on an unsolicited basis.
"At the time of the withdrawal, our ratings reflected that Agrokor was in selective default because it missed a coupon payment on its senior notes on May 1, 2017," the ratings agency said in a statement.
It explained that it thinks it is highly unlikely that Agrokor will resume coupon payments within the 30-day grace period, because it is restricted from making debt payments under Croatian law.
"For the other senior notes, we do not expect Agrokor to be able to make a payment over the next 12 months. We also note that the standstill agreement with its main lenders means that bank debt payments are currently frozen," S&P concluded.