MHP S.A. -- Moody's: MHP remains weakly positioned as upcoming Eurobond maturity approaches

London, 27 February 2015 -- Moody's Investors Service has today said that MHP S.A. (Caa2 negative), one of Ukraine's leading agro-industrial groups, faces uncertainty over its ability to refinance its upcoming $235 million Eurobond maturity on 29 April 2015. For a successful refinancing, MHP remains reliant on continuing access to a facility from the International Finance Corporation (IFC, Aaa stable), and given the weak political and economic environment in Ukraine it is still not clear whether disbursement of approved funds will go ahead. However, in Moody's view MHP's chances of receiving the necessary refinancing are likely to have improved following (1) the ceasefire deal signed in Minsk on 12 February and (2) the announcement on the same day by the International Monetary Fund (IMF) of a preliminary agreement to extend funding to Ukraine.

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